Stocks Hit Fresh Records on Christmas Eve Trading Session

Investors had plenty to smile about this Christmas as stocks, gold and silver all surged further into record territory.

Markets delivered a holiday boost on Wednesday, with U.S. equities and precious metals extending their rallies. The S&P 500 posted a fresh record close during the shortened Christmas Eve session — its first such close on that day since 2013, according to Dow Jones Market Data. The benchmark ended at 6,932.05 and also set a new intraday high, its first on Christmas Eve since 2014, FactSet data showed.

Gold and silver joined the rally, each touching new intraday records earlier in the session. The most active gold futures climbed to $4,555.10 an ounce, while silver futures jumped as high as $72.75, Dow Jones Market Data showed. Both metals later pulled back from those highs by the time the stock market closed at 1 p.m. Eastern.

The gains cap a resilient year for markets. After weathering a period of volatility — including the tariff-driven selloff in April — stocks have powered higher in 2025, with the S&P 500 on pace for a third straight year of double-digit gains. As 2026 approaches, investors are increasingly focused on signs the U.S. economy may be regaining momentum, even as a soft labor market continues to fuel concerns about consumer health.

“It’s been a good year,” said Thomas Martin, senior portfolio manager at Globalt Investments. “There was a lot of uncertainty coming into it. After Liberation Day, it looked like things could turn ugly. But the economy and the consumer held up better than expected, and S&P 500 earnings growth also surprised to the upside. That’s why we’re here.”

Wednesday’s advance was broad-based. Ten of the 11 S&P 500 sectors finished higher, with energy the lone laggard, according to FactSet.

After climbing steadily through the spring and summer, stocks hit turbulence in November when pressure on the artificial-intelligence trade caused the Nasdaq Composite to snap a seven-month winning streak. More recently, however, delayed economic data released after the government shutdown has reinforced expectations that the economy will land in a “Goldilocks” zone in 2026.

“The economic data over the past few weeks has been mixed, allowing investors to remain confident the Fed will continue easing into 2026,” said Gina Martin Adams, chief market strategist at HB Wealth. “It’s not weak enough to spark recession fears and not strong enough to force the Fed to tighten or halt the easing cycle.”

She added that oil prices holding below $60 a barrel have also helped support stocks by easing pressure on consumer spending. “All of these factors have pushed equities to new highs in recent weeks,” Adams said.

The Nasdaq, Dow Jones Industrial Average and Russell 2000 all finished higher on Wednesday as well, though each remains below recent record levels.

Meanwhile, market volatility continued to retreat. The Cboe Volatility Index, Wall Street’s so-called fear gauge, slipped below 14 for the first time since Dec. 13, 2024, signaling a calm market mood heading into the holiday.