Market Performance: December 20, 2023.

US stocks closed high on Tuesday, with an eighth weekly win still within reach as investors stayed upbeat on the prospect of interest rate cuts despite warnings those hopes are overdone.

The Dow Jones Industrial Average (^DJI) climbed roughly 0.7%, or more than 250 points — its fifth straight record close. The tech-heavy Nasdaq Composite (^IXIC) also ticked up about 0.7%, while the benchmark S&P 500 (^GSPC) jumped around 0.6%.

The Dow Jones Industrial Average (^DJI) climbed roughly 0.5%, or nearly 200 points, while the benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each ticked up about 0.4%.

How 'no-spend January' works (and what to do with the money you save)

As we inch closer to the New Year, many people are preparing their resolutions. Whether it's abstaining from alcohol for January or going on a diet, a new year is a great time to make a life change.

One January challenge you may not have heard of – but may want to consider – is focused on improving your financial well-being.

It's called "no-spend January," and it's all about cutting back on frivolous spending that can leave you with less money for the important things in life. If you choose to participate in no-spend January, though, it's worth it to take another step and do something productive with the money you save, like put it in a high-yield savings account where it will earn you interest.

Want to open a high-yield savings account to deposit all the money you save next month? Find the right account for you online.

Tips for creating an effective budget

Budgeting can be daunting, especially if it’s your first time managing your own finances. Regardless of your income, budgeting is a great tool for everyone to use.

In fact, it can help you save money, keep up with bills, work towards your goals and plan for the unexpected.

Here are a few simple steps you can take to create an effective budget.

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