The Dow Jones Industrial Average pushed over 12000 as investors cheered a wave of corporate earnings and President Barack Obama’s call for corporate tax cuts and a spending freeze.

The Dow gained 30 points to 12005 in mid-morning trading, reclaiming a level that the blue-chip index last surrendered in June 2008. Leading the way were Dupont, Home Depot and Alcoa.

The Standard & Poor’s 500-stock index gained two points to 1293, while the Nasdaq Composite gained four points to 2723.

The moves came after President Barack Obama’s State of the Union speech Tuesday night challenged lawmakers in both parties to rise above partisan divisions to tackle problems that will allow the U.S. to compete in the global economy. Among his proposals, the president called on Congress to lower the corporate tax rate by closing industry-specific loopholes and find spending cuts across the government. The president also called for a five-year freeze on nondefense discretionary spending.

(Source: WSJ)