Market Lens

Dow Jones Today: S&P 500 Sets All-Time High, Stocks Rise in Shortened Session; Gold, Silver Hit New Records

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Wall Street wraps up a festive trading week with the major indexes flying into Christmas on a five-day winning streak.

The stock market closed early on Christmas Eve, but not before delivering a gift to investors. The Dow and S&P 500 notched fresh records while the Nasdaq also gained, as Wall Street flies high into the Christmas holiday. 

This marks the fifth consecutive day of gains for the major indexes, fueling hopes for a "Santa Claus rally" — the historically bullish period spanning the last five trading days of December and the first two of January. This pattern has been positive roughly 80% of the time, averaging gains of 1.6% since 1928, according to Mark Hackett at Nationwide, who noted that "everything is shaping up for a festive end to the year."

Precious Metals Steal the Spotlight

While stocks impressed, it was precious metals that truly shined. Gold broke above $4,500 an ounce for the first time, marking a record high of $4,525.19, while silver hit an all-time high of $72.70 per ounce. Platinum also surged to a record at $2,377.50 before paring gains. 

Gold and silver are among this year's biggest winners, with momentum driving prices to record highs and setting up their best year since 1979. 

Silver has had an even stronger year, soaring 150% on robust industrial demand and physical shortages. 

Safe-haven demand and expectations of further U.S. rate cuts next year have fueled speculative interest in precious metals. 


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