The S&P 500 rose to a new all-time high on Wednesday after notching a record close in the prior trading day.
The Dow Jones Industrials leaped 169.04 points to open the last session before Christmas at 48,611.45.
The broader index took on 9.36 points to 6,918.15, yet another all-time high.
The NASDAQ erased 12.15 points to 23,549.69.
Nike was among the day’s winners, advancing around 5% after Apple CEO Tim Cook disclosed he bought shares in the apparel maker.
Micron Technology was another standout, with shares up more than 4%.
Stocks were coming off a winning session, led by tech names including Google parent Alphabet, Nvidia, Broadcom and Amazon
Those moves came after the Commerce Department issued its a third-quarter reading of the U.S. gross domestic product that came in at 4.3%, surpassing the Dow Jones consensus estimate of 3.2%.The report, which had been delayed by the government shutdown, initially led traders to lower their expectations of interest rate cuts early next year. However, fed funds futures trading still indicates two rate cuts by the end of 2026.
Investors continue to hope for the coveted Santa Claus rally, a year-end stock market surge that occurs between the last five trading days of the year and the first two of the new year — in this case from the opening bell on Dec. 24 until Jan. 5.
The New York Stock Exchange will close early on Wednesday at 1 p.m. ET on Christmas Eve and will be closed Thursday for Christmas Day.
Prices for the 10-year Treasury gained back, lowering yields to 4.16% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.
Oil prices squeezed up eight cents to $58.46.
Gold prices dropped $12.40 to $4,493.30
