US STOCKS-Wall St rallies, S&P 500 briefly hits record
* Indexes on track for strong weekly gains
* U.S. and Russia engage in tit-for-tat sanctions
* Nike falls after results, Tiffany rises
* Dow up 0.3 pct, S&P up 0.3 pct, Nasdaq down 0.5 pct (Updates to market open)
By Ryan Vlastelica
NEW YORK, March 21 (Reuters) - Wall Street's upward momentum continued on Friday, with major indexes largely rising and the S&P 500 briefly climbing to a new record as energy and industrial names outperformed.
Both the Dow and S&P 500 are on track for their fourth day of gains out of the past five, and all three major indexes are set to close out a week of strong gains.
Geopolitical issues remained in focus after President Vladimir Putin signed laws completing Russia's annexation of Crimea and investors took fright at a U.S. decision to slap sanctions on his inner circle. Russia's MICEX stock index fell about 3 percent but recovered some losses.
While some analysts say U.S. equities are vulnerable to any escalation in geopolitical tensions with Russia, stocks were boosted by Moscow's assertion that no other Ukrainian region would be subject to intervention. Continuación...