Strong earnings send stocks higher; S&P over 1,400

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Associated Press

Posted on August 7, 2012 at 11:00 AM

Updated Tuesday, Aug 7 at 11:02 AM

NEW YORK (AP) — Stronger earnings from U.S. companies are powering the Standard & Poor's 500 index past 1,400 for the first time in three months.

The S&P 500 index rose 12 points to 1,406 just before noon on Tuesday. Energy stocks increased the most of the 10 industry groups tracked by the index. The Dow Jones industrial average rose 88 points to 13,206. The Nasdaq composite index rose 32 points to 3,023.

Energy companies rose broadly after Chesapeake Energy reported that its income doubled in the second quarter.

Chesapeake was the latest major U.S. company to turn in a stronger earnings report. Of the 407 companies in S&P 500 that have reported earnings through Monday, 65 percent beat Wall Street's expectations, according to S&P Capital IQ.

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