Stock Market Continues Record-Breaking Rally with Ninth Consecutive Winning Session

US stocks closed higher, with the Dow Jones Industrial Average notching its fifth straight record close. Investors remained optimistic about the prospect of interest rate cuts despite warnings that these hopes may be overdone. Homebuilder stocks soared as investor optimism for interest rate cuts in 2024 boosted the sector. The burden of student loan debt is unevenly distributed, with 75% of borrowers owing $40,000 or less. Buy now, pay later services are thriving as consumers seek flexible payment options. The stock market rally has broadened beyond the Magnificent Seven tech stocks, with 78% of S&P 500 stocks above their 200-day moving average. US housing starts jumped in November, reaching a six-month high. Affirm's stock surged after its buy now, pay later features were integrated into Walmart's self-checkout lines. US stocks opened higher, led by the Nasdaq. The Dow Jones and S&P 500 closed at record highs, while the S&P 500 is within 60 points of its all-time high.