By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks tallied slight gains on
Thursday, lifting the S&P 500 index above its record close, as
Wall Street looked to finish the first quarter on a high note.
The index (SPX) surpassed its record close, set in October 2007,
but its intraday high of 1,576.09, set on Oct. 11, 2007, remained
elusive.
After climbing to a high of 1,567.85, the S&P 500 was lately
up 4.10 points, or 0.3%, at 1,566.95. "The economic data this
morning was not great, but in general everyone was expecting and
waiting for this," said Howard Silverblatt, senior index analyst at
S&P Dow Jones Indices.
Investors offered little reaction to largely disappointing
economic reports, which had fourth-quarter economic growth up 0.4%
from a previous estimate of 0.1%, weekly jobless claims up by
16,000 and a gauge of business activity in the Chicago region worse
than expected.
"Consumer confidence in March recently weakened, jobless claims
appear to be turning up and now the Chicago PMI was weaker than
expected. This trend absolutely bears watching," noted Dan
Greenhaus, chief global strategist at BTIG LLC.
The Dow Jones Industrial Average (DJI) rose 45.28 points, or
0.3%, to 14,571.44.
The Nasdaq Composite (RIXF) added 4.44 points, or 0.1%, to
3,260.96.
For every three stocks falling, more than four rose on the New
York Stock Exchange, where 174 million shares exchanged hands as of
11:20 a.m. Eastern.
Composite volume neared 932 million.
Wells Fargo Advisors on Thursday raised its year-end 2013 target
range for the S&P 500 to 1,575-1,625 from 1,525-1,575, which it
set last fall.
Wells Fargo cited a broadening of growth into more segments of
the economy and expectations that this year will see improving
growth from both the industrial and housing markets.
"The period of initial surprise over European sovereign debt
issues, the noise of the election year and the period of panic over
the fiscal cliff have moved into the past," Wells Fargo analysts
wrote in a note.
"We have moved out of a period of deep uncertainty into a period
of more moderate uncertainty," they said.
Overseas, Cyprus's banks began to reopen Thursday after a nearly
two-week closure as the country worked out a bailout with
international lenders. Television news reports showed orderly
queues at branches in Nicosia. Meanwhile, center-left Italian
political leader Pier Luigi Bersani is expected to formally notify
Italy's president that he was unable to form a government.
"The day ahead could prove very volatile in light of euro-zone
risk and month- [and] quarter-end hedging flows, which may struggle
somewhat as liquidity fades fast heading into the long weekend,"
said Christian Lawrence, strategist at Rabobank International in
London.
U.S. markets are closed Friday.
U.S. stocks have had a torrid run in the first quarter. The Dow
Jones Industrial Average hit the latest in a string of closing
highs on Tuesday. The S&P 500 Index saw a fractional loss
Wednesday.
Movers
Shares of struggling smartphone maker BlackBerry Inc. (RIMM)
rose 1.8% after the company defied expectations for a
fourth-quarter loss, although revenue came in below forecasts.
Investors' main concern , however, will likely be whether the
company's new Z10 smartphone is getting traction.
Blackstone Group LP (BX) is open to keeping Michael Dell as
chief executive of the PC maker he founded should the
private-equity firm be successful in its buyout bid for Dell Inc.
(DELL), The Wall Street Journal reported. Shares of Dell slipped
0.1%.
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