NEW YORK (August 7, 2012)--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 Tuesday for the first time in three months.

The index rose 7 points to close at 1,401 Tuesday.

The Nasdaq composite index marked a milestone of its own as it closed above 3,000 for the first time since early May.

The Nasdaq rose 26 points to end the day at 3,015.

The Dow Jones industrial average rose 51 points to close at 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 where volume was about average at 3.6 billion shares.

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