Investors had plenty to celebrate this Christmas as stocks, gold and silver all pushed deeper into record territory.
U.S. equities and precious metals rallied on Wednesday, adding a festive boost for markets ahead of the holiday. The S&P 500 notched a fresh record close during the abbreviated Christmas Eve session — its first such milestone on that day since 2013, according to Dow Jones Market Data. The benchmark finished at 6,932.05 and also set a new intraday high, its first on Christmas Eve since 2014, FactSet data showed.
Precious metals joined the celebration. Gold and silver both touched new intraday records earlier in the session. The most active gold futures climbed as high as $4,555.10 an ounce, while silver futures surged to $72.75, according to Dow Jones Market Data, before easing back by the time stocks closed at 1 p.m. Eastern.
The latest gains cap a strong year for markets. After shaking off weakness earlier in 2025 — including the turbulence sparked by April’s tariff-driven selloff — stocks have powered higher, with the S&P 500 on track for a third consecutive year of double-digit gains. Looking ahead to 2026, investors appear increasingly focused on signs of renewed economic momentum, even as a soft labor market continues to raise questions about consumer strength.
“It’s been a good year,” said Thomas Martin, senior portfolio manager at Globalt Investments. “There was a fair amount of uncertainty coming into it. After Liberation Day, it looked like things could get pretty bad. But the economy and the consumer held up better than expected, and earnings growth for the S&P 500 also surprised to the upside. That’s why we’re here.”
Market gains were broad-based on Wednesday. Ten of the 11 S&P 500 sectors finished higher, with energy the lone decliner, according to FactSet.
Stocks had climbed steadily through much of the spring and summer, with only brief interruptions tied to tariff headlines. That momentum stalled 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 releases following the government shutdown have reinforced expectations for a “Goldilocks” outcome in 2026.
“The data over the past few weeks has been somewhat mixed, which has allowed investors to stay confident that the Fed will continue easing into 2026,” said Gina Martin Adams, chief market strategist at HB Wealth. “It’s not weak enough to raise recession fears and not strong enough to force the Fed to stop or reverse its easing cycle.”
She added that oil prices trading below $60 a barrel have also supported equities by easing pressure on consumer spending. “All of those factors have helped push stocks to new highs over the past few weeks,” Adams said.
Other major indexes also ended Wednesday in positive territory, including the Nasdaq, the Dow Jones Industrial Average and the Russell 2000, though all remain below their recent record peaks.
Meanwhile, market anxiety continued to ease. The Cboe Volatility Index, often referred to as Wall Street’s “fear gauge,” slipped below 14 for the first time since Dec. 13, 2024, underscoring the market’s calm heading into the holiday.
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