Overview
- The S&P 500 closed at a record 6,932.05 on the holiday‑shortened session, its 39th record of 2025, as the Dow also finished at an all‑time high.
- The seasonal Santa Claus rally window began Dec. 24, covering the last five trading days of December and the first two of January.
- Trading was thin, with volume roughly 50% below the past month’s average even as indexes advanced.
- U.S. Q3 real GDP grew at a 4.3% annualized pace and initial jobless claims fell to 214,000, trimming futures‑implied odds of a January 25 bp Fed cut to about 13%.
- Gains continue to lean on mega‑cap tech leadership, even as advisor surveys show a rising share expecting a less healthy economy over the next year.