NEW YORK (February 27, 2013)—As evidence mounts that the housing market is making a comeback, the Dow Jones industrial average jumped 175 points to 14,075 Wednesday, its highest close of the year.
The Dow is up nearly 300 points over the past two days, putting it within 100 points of the record high reached in October 2007.
Homebuilder stocks surged as more positive news about housing rolled in.
Hovnanian soared 5 percent to $6.06 and Lennar rose 2 percent to $38.94.
A realty group said the number of Americans who signed contracts to buy homes jumped in January to the highest level in almost three years.
The S&P 500 gained 19 points to close at 1,516 Wednesday.
The Nasdaq added 33 to end the day at 3,162.
Three stocks rose for every one that fell on the New York Stock Exchange where volume was low, 3.4 billion shares.