US STOCKS-Wall St rises to nudge S&P 500 above record close

Thu Mar 28, 2013 1:32pm EDT
 
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* S&P 500 briefly climbs above record closing high

* BlackBerry reports quarterly profit; shares up

* Cyprus reopens banks under tight restrictions

* Dow up 0.2 pct, S&P 500 up 0.2 pct, Nasdaq up 0.1 pct

By Chuck Mikolajczak

NEW YORK, March 28 (Reuters) - U.S. stocks edged higher on Thursday as the S&P 500 rose just above its record closing high, a level that has acted as a significant resistance point in recent weeks.

The S&P 500 had been stuck in a fairly tight range, having traded within 10 points of the October 2007 record closing high of 1,565.15 over the previous 13 sessions before successfully piercing that level on Thursday morning, as buyers moved in on signs of weakness during that time frame to quickly erase any declines.

A close above the record level could signify more gains, although investors may tread lightly with government payroll data and earnings season on the horizon.

"We will still be very news dependent, as we always are, so I don't expect any big, material explosions to the upside, but we just continue to slowly move higher," said Darrell Cronk, regional chief investment officer for Wells Fargo Private Bank in New York.   Continued...