08/01/2013 11:49 EDT | Updated 10/01/2013 05:12 EDT

S&P 500 index crosses 1,700 for the first time; stocks rise after higher earnings, jobs news

NEW YORK, N.Y. - 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 Thursday.

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

The Dow Jones industrial average was up 128 points, or 0.8 per cent, 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 per cent to $54.62 after reporting an 11 per cent 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.