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Stocks Push Higher; S&P Closes Above 1,400

Hemera/Thinkstock(NEW YORK) -- The S&P climbed higher Tuesday, closing above 1,400.  An official at the Federal Reserve of Boston called for the Fed to step up its efforts at boosting the economy, driving stocks up for the third straight session.

The S&P gained seven points, closing at 1,401.35. The index closed above 1,400 for the first time since early May. The Nasdaq closed up 30 points, closing up above 3,000 for the first time since May 3.  The Dow added 51 points to close at 13,168.60.
 
Eric Rosengren, president of Boston's Federal Reserve Bank and a non-voting member of the central bank's policy committee, said Tuesday that, until unemployment declines, the Fed should begin a bond purchase program to help stimulate the economy, the Wall Street Journal reports.
 
Meanwhile, the big fire at one of the country's largest oil refineries in California will push gas prices above $4 a gallon on the West Coast. The fire sent plumes of black smoke over the San Francisco Bay area, after erupting at a massive Chevron refinery. Crude prices hit a three-month high Tuesday, rising to $93.67 a barrel.

Copyright 2012 ABC News Radio

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