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S&P 500 Hovers Near Record on Economic Data Deluge
Posted
December 23, 2025
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December 23, 2025
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4:01Now PlayingJoAnne Feeney, Partner and Portfolio Manager at Advisors Capital, discusses the markets as the S&P 500 pushes closer to a new record.
Wall Street traders parsing a big batch of economic data in a session marked by slim trading drove stocks closer to their all-time highs. Short-dated bonds underperformed.
In a narrow tech-led advance, the S&P 500 rose for a fourth straight day. Volume was 35% below the average of the past month ahead of this week’s holiday. The index rebounded even after the latest reports did little to encourage bets the Federal Reserve will cut rates in the near term.
Treasury two-year yields, which are more sensitive to imminent Fed moves, remained above 3.5%. That was after data showing the US economy expanded at the fastest pace in two years. Bonds later trimmed some of their losses as consumer confidence declined for a fifth consecutive month.
The latest reading on gross domestic product shows the economy continues to chug higher, but Main Street may feel differently as evidenced by the consumer confidence data, according to Bret Kenwell at eToro.
“If consumers remain resilient through the holiday and the fourth quarter, it should bode well for US GDP and corporate earnings,” he said. “Earnings have continued to surprise to the upside and have been a major contributor to this year’s rally. Bulls are hoping to see this trend continue in 2026.”
The S&P 500 hovered near 6,895. The yield on 10-year Treasuries rose one basis point to 4.17%. The dollar fell 0.2%, with the currency on track for its worst year since 2017.
Money markets trimmed bets on rate cuts in 2026, with a less than 20% chance of a Fed reduction expected in January. An upcoming $70 billion sale of five-year notes will test demand for the bonds.
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