Fed reports economic expansion across most of U.S.

Reports from the 12 regional banks of the Federal Reserve indicate that the economy was expanding across the nation from late November through December, the central bank said.

Philadelphia was one of two regions that reported just "modest" growth (the other was Boston), while nine regions said growth was "moderate" and one, Kansas City, said only that the economy had "held steady" during late 2013.

In the Philadelphia region there was underlying confidence in the economy and transportation services were described as "booming" during the period. Auto dealers reported slower growth, and existing home sales slowed more than expected, to a slight pace for the winter season, the Fed said.

Sectors that expanded modestly in the Philadelphia area included general retail sales, tourism, and commercial real estate leasing. Residential and commercial construction, and manufacturing, continued to expand only slightly, the Fed said.

The Fed's so-called Beige Book report is based on surveys of business and other contacts in the 12 regional bank districts.

The stock market was surging Wednesday on a raft of positive economic news. The Dow Industrial average was up 100 points in the late afternoon. - Reid Kanaley