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S&P Closes Above 1,400 For 1st Time in Three Months

It’s been a day of milestones for the stock market.

Wall Street
PhotoLink, Getty Images

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.

 

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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