S&P 500 crosses record closing high

The benchmark index edges past 1,565, a mark it last closed at in October 2007.

By MSNMoney partner Mar 28, 2013 10:45AM

Image: Trading floor (© Digital Vision Ltd./SuperStock)Updated at 11:57 a.m. ET

 

The Associated Press and Reuters

The Standard & Poor's 500 ($INX) index topped 1,565.15 Thursday, a mark it last closed at in October 2007. At 11:57 a.m. ET, the index was trading up 5 points at 1,567.

The Dow Jones Industrial Average ($INDU) was up 49 points at 14,579.

The Nasdaq ($COMP) composite was up 5 points at 3,262.

The government revised its estimate for fourth-quarter U.S. economic growth up to 0.4% from 0.1%.

Biogen Idec (BIIB) was rising 4.3% after federal regulators approved the drug developer's new multiple sclerosis treatment.

Thursday is the last day of trading for the second quarter of 2013. Markets will be closed for Good Friday.

"We've been in a pause phase for past 10 sessions or so, mainly because of the Cyprus wild card. There was hesitation in the market but it seems like the situation is sort of in control now," said Andre Bakhos, director of market analytics at Lek Securities in New York.

"I expect not only the closing high but a new record high in the next few sessions" for the S&P 500.

Data showed the economy expanded at a sluggish pace of 0.4 percent in the fourth quarter although a big gain in business investment and higher exports of services led the government to push up its previous estimate for growth.

The number of Americans filing new claims for unemployment benefits rose more than expected last week, but probably not enough to suggest the labor market recovery was taking a step back.

Tight controls have been imposed on transactions by Cyprus's banks to limit cash withdrawals, ban checks and bar businesses from transferring money abroad in most cases as banks reopened after nearly two weeks.

BlackBerry (BBRY) announced an unexpected fourth-quarter profit on Thursday, driven by demand for its new touchscreen device which holds the key to a successful turnaround for the smartphone maker. U.S.-listed shares were up 2.7% Thursday.

Chesapeake Energy Corp's (CHK) search for a new chief executive to replace Aubrey McClendon is likely to extend beyond an April 1 deadline, according to a person familiar with the situation.

Influential proxy advisory firm ISS threw its weight behind opponents of a proposed merger between MetroPCS (PCS) and T-Mobile USA, saying the deal undervalued MetroPCS and shareholders should vote against it. MetroPCS shares were up 3.6% in midday trading.

A federal judge on Wednesday said JPMorgan Chase & Co (JPM) must face a lawsuit by a pension plan that accused it of mismanaging its money by investing in Lehman Brothers Holdings Inc notes before that bank filed for bankruptcy in 2008.

Stocks rebounded from early declines to close little changed on Wednesday, as investors worried about a run on Cypriot banks.

© 2013 The Associated Press and Reuters