To help keep U.S. growth going, the Federal Reserve has been cutting interest rates. That lifts stocks by encouraging borrowing and spending. And low interest rates make stocks more attractive than bonds.

Put it together and you get what Wall Street calls the TINA market — “there is no alternative.” If big economies outside the U.S. are in worse shape, and the usual alternatives to stocks are less attractive, then there’s not much else to do but buy American stocks.

One caution: Even as the markets hit records , stocks aren’t exactly ripping higher, and Wall Street’s happy-go-lucky mood can evaporate in an instant. In August, all it took was an angry presidential tweet about China to send the market into a tailspin.

That’s it for this briefing. We hope you have a really, really nice day. See you next time. — Melina

Thank you

To Mark Josephson and Eleanor Stanford for the break from the news. Mohammed Hadi, our business news director, wrote today’s Back Story. You can reach the team at briefing@nytimes.com.

P.S.

• We’re listening to “The Daily.” Our latest episode is a guide to the impeachment hearings.

• Here’s our Mini Crossword, and a clue: Homeless animal (five letters). You can find all our puzzles here.

• Three cheers for Kirk Johnson, who retired from The Times on Tuesday after 38 years as a reporter and correspondent.