Stocks Extend Record Run as Rate Cut Hopes Lift Dow for 5th Day; Homebuilders Soar on 2024 Outlook
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US stocks closed higher on Tuesday, extending the Dow's record streak to 5 straight days amid optimism for future rate cuts. The Dow rose 0.7%, the Nasdaq gained 0.7%, and the S&P 500 increased 0.6%.
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Oil prices ticked up as more shipping companies avoid the Red Sea route due to recent attacks. Brent crude rose above $79 a barrel.
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Homebuilder stocks have soared over 50% this year due to hopes of Fed rate cuts in 2024. Lennar, DR Horton, and PulteGroup shares are up over 60%.
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Buy now, pay later (BNPL) services saw sales jump 43% year-over-year to nearly $1 billion over the Thanksgiving/Cyber Monday shopping period.
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Housing starts jumped 15% in November to a 6-month high of 1.56 million amid low mortgage rates and inventory, though the pace may not persist.