Dow rises above 12,000 but edges lower at midday

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NEW YORK (AP) — The Dow Jones industrial average broke through 12,000 for the first time in two and half years but is trading lower at midday.

Investors were encouraged by President Barack Obama’s call to overhaul taxes on businesses and a jump in home sales in December.

Obama said in his State of the Union address late Tuesday that he wanted to close corporate tax loopholes and use the additional revenue to lower tax rates on businesses for the first time in 25 years.

The Dow Jones industrial average was up 5, less than 0.1 percent, to 11,983 at midday Wednesday.

The Standard & Poor’s 500 index rose 5, or 0.4 percent, to 1,296. The Nasdaq composite index rose 16, or 0.6 percent, to 2,734.

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