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S&P closes over 1,400 for first time in 3 months

July 10- Douglas Johnson, a trader for Getco Securities from Levittown, Pa., works during early trading at the New York Stock Exchange.

July 10- Douglas Johnson, a trader for Getco Securities from Levittown, Pa., works during early trading at the New York Stock Exchange.  (AP2012)

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.