US STOCKS-Wall St flat as S&P 500 bumps against record close

Thu Mar 28, 2013 10:26am EDT
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* S&P unable to break through milestone for 14th session

* BlackBerry reports quarterly profit; shares up

* Cyprus reopens banks under tight restrictions

* Indexes: Dow up 0.2 pct, S&P up 0.1 pct, Nasdaq flat

By Angela Moon

NEW YORK, March 28 (Reuters) - The S&P 500 index hit resistance again on Thursday near its record closing high, unable to break through that milestone for the 14th session.

While the Dow Jones Industrial Average has been hitting new highs for the past few weeks, attempts by the S&P 500 to break past its record closing has been unsuccessful, prompting investors to think there may be a higher chance of a sharper pullback.

At the same time, buyers continue to move in on any signs of weakness, which has enabled the benchmark index to quickly erase declines and trade within 10 points of its all-time closing peak for the past 14 sessions.

"This suggests that there is a lot of money being run on technicals and there is this nervousness about the market being at all-time high. Less and less money is being run on fundamentals," said Jack DeGan, chief investment officer of Harbor Advisory.   Continued...