A trader works at his desk on the floor of the New York Stock Exchange (NYSE) after the opening bell rings on December 3, 2025 in New York.
Timothy A. Clary | AFP | Getty Images
Stocks were relatively unchanged Wednesday after the market-wide S&P 500 index hit a record close.
Stocks were coming out of a winning session, led by technology companies, including Google’s parent company. alphabet, Nvidia, broadcom and Amazon.
of S&P500 It hit a new record closing price of 6,909.79 on Tuesday. The index is just below its intraday high of 6,920.34.
The move comes after the Commerce Department reported that U.S. gross domestic product (GDP) rose 4.3% in the third quarter, beating the Dow Jones consensus estimate of 3.2%. The report, which had been delayed due to the government shutdown, initially prompted traders to lower their expectations for rate cuts early next year. However, federal funds futures still suggest two rate cuts by the end of 2026, according to the CME FedWatch tool.
Investors continue to hope for a much-needed Santa Claus rally, or year-end stock market rally, which occurs between the last five business days of the year and the first two days of the new year, in this case from the opening bell on December 24th to January 5th.
Adam Turnquist, chief technical strategist at LPL Financial, said the average return for the S&P 500 during the Santa Claus rally was 1.3%, with a positive outcome 78% of the time. Meanwhile, the market’s typical seven-day average return is just 0.3%, with a positivity rate of 58%, he wrote in a note to clients.
“Momentum heading into the year suggests favorable conditions for a positive Santa Claus rally, and is a historically bullish signal for January and next year,” Turnquist said. “While the overall market breadth remains a bit narrow for an index near record highs, trends are moving in the right direction, supported by rotation into cyclical sectors. A close above the S&P 500’s December high could pave the way for the next leg above the 7,000-point milestone.”
The New York Stock Exchange will close early on Christmas Eve at 1pm ET on Wednesday and will be closed on Thursday for Christmas Day.
