S&P Closes Over 1,400 for First Time in 3 Months
Aug 7th 2012 12:02PM
Updated Aug 7th 2012 5:06PM
By PALLAVI GOGOI
NEW YORK (AP) - It's been a day of milestones for the stock market.
Stronger corporate earnings reports and expectations that central banks will act to support the economy powered the Standard & Poor's 500 index past 1,400 for the first time in three months. The index rose 7 points to close at 1,401.
The Nasdaq composite index marked a milestone of its own: the first close above 3,000 since early May. The Nasdaq rose 26 points to 3,015.
The Dow Jones industrial average rose 51 points to 13,168.
Of the 407 companies in S&P 500 that have reported earnings, 65 percent beat expectations, according to S&P Capital IQ.
Two stocks rose for every one that fell on the New York Stock Exchange. Volume was about average at 3.6 billion shares.