Midday Report: U.S. Stocks Rally; Boeing Slashes Jumbo Jet Production

U.S. stocks hovered at highs as Wall Street joined in on a global rally. Bets on further stimulus out of the eurozone, China and Japan boosted sentiment, while another surge in crude oil prices helped the energy sector. The housing market continued to show strength with existing home sales surging nearly 15 percent in December. That marked its biggest monthly increase on record with sales rebounding after a weaker read a month earlier. Chesapeake Energy (CHK) jumped after suspending its quarterly dividend in order to save cash. The oil company said it expects $170 million in savings a year, cash greatly needed in the current commodities environment. Boeing (BA) climbed after cutting production of its jumbo jets in half. TheStreet's Keris Lahiff reports from Wall Street.