By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks held steady Thursday, with
the S&P 500 index coming to within a fraction of its record
close, after reports had economic growth revised upward and weekly
jobless claims rising.
The Dow Jones Industrial Average (DJI) rose 17.01 points, or
0.1%, to 14,543.17.
After rising to 1,565.14, just below its 1,565.15 finishing high
set in October 2007, the S&P 500 (SPX) fell almost 1 point to
1,561.93.
The Nasdaq Composite (RIXF) fell almost 2 points to
3,254.49.
Data had fourth-quarter economic growth up 0.4% from a previous
estimate of 0.1%, and weekly jobless claims up by 16,000.
U.S. stocks offered little reaction Thursday after a gauge of
business activity in the Chicago region disappointed.
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 (DJI) hit the latest in a string of
closing highs on Tuesday. The S&P 500 Index (SPX) saw a
fractional loss Wednesday, which left it just 2.3 points from its
all-time closing high.
European equities pushed to the upside Thursday, with the Stoxx
600 Europe index up 0.5%. Italian and Spanish government-bond
yields saw renewed upward pressure, however.
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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