S&P 500 Achieves Record Christmas Eve High After Over a Decade

• The S&P 500 is on track for a third straight year of double-digit gains, with 10 of 11 sectors finishing higher on Christmas Eve
• Gold futures reached $4,555.10 per ounce and silver hit $72.75, both marking new intraday records
• The VIX 'fear gauge' dropped below 14 for the first time since December 13, 2024, signaling low market volatility

S&P 500 Records First Christmas Eve High Since 2013

The S&P 500 achieved a record closing high of 6,932.05 on Christmas Eve, marking its first such achievement during the abbreviated holiday trading session since 2013. The index also hit a record intraday high, its first on Christmas Eve since 2014.

Key Market Performance:

• S&P 500: -0.35% (despite closing at record high)
• Dow Jones: -0.51%
• Nasdaq: -0.50%
• VIX: Finished below 14 for first time since Dec. 13, 2024
• 10 of 11 S&P sectors finished higher; only energy declined

Commodities Rally:

Gold futures reached an intraday record of $4,555.10/ounce, while silver futures hit $72.75, though both metals retreated by market close. Crude oil traded below $60/barrel at $57.83.

Market Drivers:

The S&P 500 is on track for its third consecutive year of double-digit gains in 2025. Recent economic data releases following the government shutdown have reinforced expectations of continued Fed easing into 2026, with data showing neither recession-level weakness nor inflation concerns that would halt rate cuts.

Thomas Martin of Globalt Investments noted that despite initial uncertainty and the "Liberation Day" tariff concerns, "the economy and consumer held up much better than people expected and earnings growth for the S&P 500 was also better than expected."

The market experienced volatility in November as the AI trade came under pressure, ending the Nasdaq's seven-month winning streak. However, stocks have rallied over the past few weeks as oil prices below $60/barrel removed constraints on consumer spending and economic data supported the Fed's easing path.