S&P 500 index crosses 1,700 points for first time

Stocks rise after higher earnings, jobs news

8/1/2013
ASSOCIATED PRESS
Wall-Street-Premarket-132

In this Wednesday, July 31, 2013, photo, from left, specialists Peter Kennedy, Bernard Wheeler, and Philip Finale, confer on the floor of the New York Stock Exchange. Global markets rose Thursday Aug. 1, 2013 after the U.S. Federal Reserve gave no indication it was preparing to wind down a massive bond-buying program that has propelled investors into stocks. (AP Photo/Richard Drew)

ASSOCIATED PRESS

NEW YORK — Stocks are moving higher on Wall Street, sending the Standard & Poor’s 500 index above 1,700 points for the first time.

Higher earnings from big-name companies like CBS and Allstate are sending the stock market higher in midday trading today.

Shortly before noon, the S&P 500 index was up 17 points, or 1 percent, at 1,703.

The Dow Jones industrial average was up 128 points, or 0.8 percent, at 15,628. The Dow is also at a record high.

Better news on jobs, manufacturing, and higher auto sales also encouraged investors.

CBS rose 3.4 percent to $54.62 after reporting an 11 percent jump in income. CBS is making more money licensing its shows to online streaming providers and increasing the fees it receives from cable and satellite TV distributors.