BlackRock, the world's biggest money management company, says it holds nearly 7 percent of the Class B stock of Warren Buffett's company.

BlackRock revealed Wednesday that it owns 68.4 million Class B shares of Berkshire Hathaway Inc. The New York-based money manager said in a filing with the Securities and Exchange Commission that it held the shares at the end of 2010.

The stake will likely give BlackRock's investors little say in Berkshire because each of the company's Class B shares carries one-ten-thousandth of the voting rights of a Class A share.

Omaha-based Berkshire owns roughly 80 subsidiaries, including insurance, clothing, utility, furniture, jewelry and corporate jet firms. It also has major investments in such companies as Coca-Cola Co., Washington Post Co. and Wells Fargo & Co.

Another big stock market index, the Standard & Poor's 500, reached a milestone of its own Tuesday. It closed above 1,300.

Investors found plenty of reasons to send stocks sharply higher. Earnings reports from companies including Pfizer, UPS and Archer Daniels Midland were better than expected. And manufacturing had another good month in January.

According to preliminary calculations, the Dow, which fell to a low of 6,547 in March 2009, soared 148 points, or 1.3 percent, Tuesday to 12,040.16.

The S&P 500 rose 21, or 1.7 percent, to 1,307.59, its first close above 1,300 since August 2008.

The Nasdaq rose 51, or 1.9 percent, to 2,751.19

Volume on the New York Stock Exchange came to 1.1 billion shares. Five stocks rose for every one that fell.

The exchange in Caracas began operating with corporate bonds issued by the Venezuela-based subsidiary of Japanese carmaker Toyota and the local company Envases Venezolanos, Planning and Finance Minister Jorge Giordani said on state television as he visited the bourse for its official launch.

He did not provide details about the corporate bonds such as amounts or interest rates, nor how much activity there was on Monday.

The Bicentennial Public Securities Exchange will compete with the privately run Caracas Stock Exchange.

Trading in the private stock exchange has dwindled after President Hugo Chavez nationalized some companies that traded shares, and it has been nearly paralyzed since securities regulators shut down and took over management of 47 brokerage companies last year.

Three other senior executives at the Charlotte, N.C.-based bank are getting salary bumps of 6.25 percent, to $850,000 from $800,000, in addition to stock awards.

In a regulatory filing, the bank says Charles H. Noski, the chief financial officer, Joe Price, the president of consumer and small business banking and Thomas K. Montag, the president of global banking and markets, are all seeing their base pay rise.

None of the executives will receive cash bonuses.

Exxon Mobil Corp. gained 2.1 percent after it reported its most profitable quarter since 2008. Massey Energy Co. jumped 9.8 percent after Alpha Natural Resources Inc. said that it would buy the coal producer in a $7.1 billion deal. Alpha Natural Resources fell 7.2 percent.

The Massey deal suggests "maybe coal isn't dead," said Kim Caughey Forrest, equity research analyst at Fort Pitt Capital Group. It also raises hopes for similar deals in the future, she said.

Concerns remained over Egypt's impact on oil prices. The country is not a major producer of oil, but it plays a key role in the industry because it controls the Suez Canal, a major route for oil tankers and cargo ships. Crude oil prices rose 3 percent to $92.19 a barrel.

"The market wants to work its way higher," said Sam Stovall, chief investment strategist of Standard & Poor's. "The big worry is the unknown — the cascading effects that could occur."

The Dow Jones industrial average gained 68 points, or 0.6 percent, to close at 11,891.93. The broader Standard and Poor's 500 index rose 10, or 0.8 percent, to 1,286.12. The Nasdaq composite index gained 13, or 0.5 percent, to 2,700.08.