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The S&P 500 finished the week higher, but the market’s message came through in breadth and rotation rather than the headline index alone.

Markets delivered a strong first full trading week of the year, pushing major U.S. equity indexes to new highs while underlying positioning remained more cautious than price levels alone suggest. By Friday’s close, the S&P 500 finished at 6,966.28, the Dow Jones Industrial Average at 49,504.07, the Nasdaq Composite at 23,671.35, and the Russell 2000 at 2,624.22. For the week, the Dow gained 2.3%, the S&P 500 rose 1.6%, the Nasdaq advanced 1.9%, and small caps led with a 4.6%

Economic data for December 2025 present a mixed but informative portrait of the U.S. economy as the year closed.