By Alex Eule

Four To Go. A half day of trading and the lowest volume day of the year did nothing to change 2025’s default position: stocks want to go higher.

The S&P 500 rose 0.3% to its 39th record close of the year. It’s the index’s first Christmas Eve record since 2013.

The Dow Jones Industrial Average hit its own record, up 289 points, or 0.6%. The Nasdaq Composite rose 0.2%. It’s 1.4% off its October peak.

The index’s best performance came from Nike. The sneaker and apparel giant got a tech-boost of sorts, after Apple CEO and Nike board member Tim Cook bought $3 million worth of Nike shares. Cook’s vote of confidence came after Nike’s disappointing earnings report last week. Nike stock is now down only 21% this year.

Nike aside, today’s trading stood out from much of 2025 in that it wasn’t just tech powered. Some 389 stocks in the S&P 500 finished the day higher, against just 111 decliners.

Investors continue to feel optimistic—and calm. The Cboe Volatility Index, or VIX, or fear index, finished the day at 13.60, its lowest close in more than a year.

With just four days to go in 2025 trading, the S&P 500 is up 17.9% on the year. Barring a catastrophe, the benchmark index will post its third consecutive annual gain, bringing its total rise over that period to 80%.

For anyone invested in the stock market, it’s been a good ride. Happy holidays to all.

-	Last	Chg%
↑ Dow Jones Industrial Average	+48,731.16	+0.60%
↑ S&P 500 Index	+6,932.05	+0.32%
↑ NASDAQ Composite Index	+23,613.31	+0.22%

12/24/2025, 4:00:21 PM ET

The Hot Stock: Nike +4.6%
The Biggest Loser: Datadog -2.3%

Best Sector: Consumer Staples +0.8%
Worst Sector: Energy -0.3%

CONTENT FROM: WSJ LEADERSHIP INSTITUTE

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The Calendar

Stock and bond markets are closed tomorrow for Christmas.

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