LITTLE ROCK, Ark. (Arkansas Business) -- Stocks soar again on Wednesday. The Dow cane within 100 points of its all-time high on Wednesday after rising sharply for a second straight day.
The market surged following more evidence that the Federal Reserve will keep interest rates low, housing will keep recovering, and shoppers aren't pulling back on spending, even with a payroll tax hike.
The gains were broad, with 29 of 30 stocks in the Dow rising. All 10 industries in the S&P 500 index climbed as well.
Some of this is driven by the housing marketing, which continues its slow recovery.
More Americans signing home-buying contracts
A government report showed the number of Americans who signed contracts to buy homes rose in January from December to the highest level in almost three years.
This, after the government reported Tuesday that sales of new homes jumped 16 percent last month to the highest level since July 2008.
Deltic Timber Corp. reporting higher 4th quarter income
Here in Arkansas, more earnings from public companies. And they continue to be relatively upbeat.
Deltic Timber Corp. of El Dorado reporting fourth-quarter net income of $2.4 million, up from a net loss of $200,000 during the same quarter last year.
The company, which owns and manages timberland in Arkansas and the Chenal Valley development in west Little Rock, attributed the increase to a big improvement in its mills segment.
The company also predicting more residential lot sales in Chenal Valley, as many as 12 lots, in the coming first quarter.
Ark. congressmen urging Keystone Pipeline approval
And members of Arkansas' congressional delegation still urging Obama administration approval of the Keystone Pipeline.
Republican Sen. John Boozman and Democratic Sen. Mark Pryor joining a group of 20 senators who want to see the pipeline get the green light.
The pipeline, which recently reached its halfway point in construction, would move oil from Canada to the Gulf Coast.
Pryor says failing to approve the northern portion of the pipeline would hurt America's energy self-sufficiency goals. Boozman says the project will provide jobs and reduce energy prices.
(Source: Arkansas Business)