The S&P 500 index rose 1.4% and hit fresh record highs last week amid a stronger-than-expected report on Q3 economic growth.
The S&P 500 ended Friday’s session at 6,929.94, just slightly below the record closing high it set on Wednesday. The market benchmark reached a fresh intraday high on Friday at 6,945.77.
The moves came in a shortened trading week as US stock markets closed several hours early on Wednesday for Christmas Eve and were closed Thursday for Christmas Day.
With just three trading days remaining in the year, the S&P 500 is up 18% for 2025.
Delayed government data Tuesday showed the US economy grew at the fastest pace in two years in the third quarter amid robust consumer spending. Real gross domestic product rose at an annual rate of 4.3% in Q3, according to the initial estimate from the Bureau of Economic Analysis. The consensus was for 3.3% growth in a survey compiled by Bloomberg.
Still, a report from the Conference Board showed US consumer confidence fell for a fifth straight month in December as views on current business conditions turned negative for the first time since September 2024. The consumer confidence index dipped 3.8 points sequentially to 89.1 this month. The consensus was for a 91 print in a Bloomberg survey.
The materials sector had the largest percentage increase of the week, climbing 2.4%, followed by a 1.8% rise in technology and a 1.7% advance in financials. All of the S&P 500’s sectors rose on a weekly basis except consumer staples, which edged down 0.1%.
Economic data will be lighter than usual this week as stock trading will be closed on Thursday for New Year’s Day.
November pending home sales will be released on Monday, followed by the S&P Case-Shiller home price index for October on Tuesday.
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