News Summary: Housing report gives stocks a boost

News Summary: Housing report gives stocks a boost, offsetting disappointing bank earnings

Associated Press

HOUSING BOOST: A report that showed housing starts climbed at the fastest pace since December 2008 made investors bullish about the economy and gave stocks an early boost. The Standard & Poor's 500 posted another five-year high.

BIG BANKS DISAPPOINT: The rally was held back by earnings reports from two of the country's biggest banks. Both Citigroup and Bank of America fell after disappointing the market with their fourth-quarter earnings reports.

BILLBOARD REIT: CBS surged after the media company said late Wednesday that it was converting its U.S. outdoor advertising business to a real estate investment trust and selling the international portion of the business. That prompted Deutsche Bank analysts to lift their target price on the stock.

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