Tuesday's early afternoon trade: S&P hits 1,400 on hopes for central bank action

US stocks rose for a third day on Tuesday in light volume, pushing the S&P 500 above 1,400 for the first time since early May, on cautious optimism the European Central Bank will act soon to contain the bloc's debt crisis. Markets continued their rise after an upswing on Friday when investors embraced ECB President Mario Draghi's comments about restoring calm to the euro zone's troubled bond markets.
The Dow Jones industrial average gained 91.55 points, or 0.70 percent, to 13,209.06. The Standard & Poor's 500 Index gained 12.48 points, or 0.90 percent, to 1,406.71. The Nasdaq Composite Index gained 37.28 points, or 1.25 percent, to 3,027.19. Volume was light, with about 2.02 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq near midday. Average daily volume in 2012, to date, is 6.69 billion.