US stocks drift to more records on a holiday-shortened day of trading

NEW YORK (AP) — Wall Street closed higher and reached more records Wednesday on a holiday-shortened trading day.

The S&P 500 index rose 22.26 points, or 0.3%, to 6,932.05. The Dow Jones Industrial Average added 288.75, or 0.6%, to close at 48,731.16, and the Nasdaq composite added 51.46, or 0.2%, to 23,613.31

Trading was extremely light as markets closed early for Christmas Eve and will be closed for Christmas Thursday. Roughly 1.8 billion shares traded on the New York Stock Exchange on Wednesday, which is roughly a third of the average trading day.

Markets will reopen for a full day of trading on Friday; however volumes are expected to remain light this week with most investors having closed out their positions for the year.

The S&P 500 is up more than 17% this year, as investors have embraced the deregulatory policies of the Trump administration and been optimistic about the future of artificial intelligence in helping boost profits for not only technology companies but also for Corporate America. Some of the strongest performers this year include Nvidia and Micron Technologies, both companies that make chips or other components that power the proliferation of data centers across the country.

Much of the focus for investors for the next few weeks will be on where the U.S. economy is heading and where the Federal Reserve will move interest rates. Investors are betting the Fed will hold steady on interest rates at its January meeting.

The U.S. economy grew at a surprisingly strong 4.3% annual rate in the third quarter, the most rapid expansion in two years, driven by consumers who continue to spend in the face of ongoing inflation. There have also been recent reports showing shaky confidence among consumers worried about high prices. The labor market has been slowing and retail sales have weakened.

The number of Americans applying for unemployment benefits fell last week and remain at historically healthy levels despite some signs that the labor market is weakening.

U.S. applications for jobless claims for the week ending Dec. 20 fell by 10,000 to 214,000 from the previous week’s 224,000, the Labor Department reported Wednesday. That’s below the 232,000 new applications forecast of analysts surveyed by the data firm FactSet.

Dynavax Technologies soared 38.2% after Sanofi said it was acquiring the California-based vaccine maker in a deal worth $2.2 billion. The French drugmaker will add Dynavax’s hepatitis B vaccines to its portfolio, as well as a shingles vaccine that is still in development.

Novo Nordisk's shares rose 1.8% after the weight-loss drug company got approval from U.S. regulators for a pill version of its blockbuster drug Wegovy. However, Novo Nordisk shares are still down almost 40% this year as the company has faced increased competition for weight-loss medications, particularly from Eli Lilly. Shares of Eli Lilly are up 40% this year.

European markets moved between slight gains and losses. Asian markets were also quiet, with Hong Kong moving up 0.2% while Japan’s Nikkei 225 fell 0.1%

Gold prices were flat at $4,502 an ounce, and silver rose 0.8% to $71.69. U.S. crude oil was flat at $58.38 a barrel.

Derek Orth works on the floor at the New York Stock Exchange in New York, Wednesday, Dec. 10, 2025. (AP Photo/Seth Wenig)

A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Thursday, Dec. 11, 2025. (AP Photo/Richard Drew)

Anthony Matesic works on the floor at the New York Stock Exchange in New York, Wednesday, Dec. 10, 2025. (AP Photo/Seth Wenig)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Dec. 22, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

FILE - A screen displays financial news as traders work on the floor at the New York Stock Exchange in New York, Thursday, April 3, 2025. (AP Photo/Seth Wenig, File)

A person walks in front of a chart showing Japan's Nikkei index at a securities firm Friday, Dec. 19, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

For a third consecutive year, there is no clear choice for the Hart Trophy as NHL MVP, and again the debate over the importance of “valuable” comes into play.

Edmonton’s Connor McDavid is on track to win the scoring race for the most points and the Art Ross Trophy, while Colorado’s Nathan MacKinnon has the inside track for the league lead in goals. Tampa Bay’s Nikita Kucherov is more than 40 points clear of his next-closest teammate and could be a Hart finalist for a second consecutive year.

AP Hockey Writers John Wawrow and Stephen Whyno give their predictions on who should take home all the major awards, which are based on how players performed during the regular season:

BetMGM Sportsbook favorite: Nathan MacKinnon, Colorado

Wawrow: Nikita Kucherov. As much as McDavid and MacKinnon deserve consideration, and maybe Montreal's Nick Suzuki merits mention, Kucherov did more with less on a Tampa Bay team that proved immune to the shakeup that turned the Atlantic Division upside down.

Whyno: McDavid. There's an argument to be made for Kucherov, given where the Lightning could be without him after a season full of injuries. But McDavid carried the Oilers down the stretch after Leon Draisaitl got injured, and he should add a fourth MVP honor to his impressive resume that is missing only the Stanley Cup.

BetMGM Sportsbook favorite: Andrei Vasilevskiy, Tampa Bay

Wawrow: Vasilevskiy. The numbers simply speak for themselves. Leading the league with 39 wins, no goalie had a better goals-against average and save percentage playing 50 or more games this season.

Whyno: Vasilevskiy. John and I are on the same wavelength here. With a nod to Utah's Karel Vejmelka for making more than 60 starts, no one has mixed a heavy workload with quality of play like Vasilevskiy, who has made the Cup Final four times, won it twice, but only won the Vezina once (2019).

BetMGM Sportsbook favorite: Zach Werenski, Columbus

Wawrow: Cale Makar, Colorado. A case could be made for Werenski over a ton of talent such as Buffalo’s Rasmus Dahlin and Minnesota’s Quinn Hughes. Makar, however, stands out for once again being the NHL’s most complete defenseman.

Whyno: Makar. Had Werenski on top for much of the year, but it was a rough second half for the 28-year-old since the Olympic break. Dallas' Miro Heiskanen deserves consideration, but Makar controlled the play for Colorado and only missed a handful of games because of injury.

BetMGM Sportsbook favorite: Matthew Schaefer, New York Islanders (off the board)

Wawrow: Schaefer. Montreal’s Ivan Demidov and Anaheim’s Beckett Sennecke might have more points, but no rookie played more valuable minutes than Schaefer, justifying his selection as a No. 1 pick.

Whyno: Schaefer could be unanimous. Even some of the best defensemen of this generation needed years to adapt to the learning curve at the position, and Schaefer did it perfectly at 18.

BetMGM Sportsbook favorite: N/A

Wawrow: Nick Suzuki, Montreal. With Aleksander Barkov injured, the field was wide open and Suzuki may run away with the honor. Though he is a secondary figure on the Canadiens' penalty kill, his 5-on-5 numbers and puck-possession metrics, while facing opposing top lines, are solid.

Whyno: Jordan Staal, Carolina. The team captain has consistently drawn tough defensive matchups and dominated on faceoffs and has only once been a Selke finalist. This should be his year.

BetMGM Sportsbook favorite: Lindy Ruff, Buffalo

Wawrow: Ruff. He found the elusive key to finally unlock the potential of a team that too often faltered under pressure, carrying over the lessons learned from his first season back in Buffalo. He did so with a game-at-a-time focus, a changing lineup and being Buffalo’s first coach during the team’s 14-season playoff drought to finally place an emphasis on improving locker room culture.

Whyno: Jon Cooper, Tampa Bay. Injuries and extended absences to key players, including Victor Hedman, Brayden Point, Anthony Cirelli and Ryan McDonagh, led the Lightning to dress 33 skaters and three goalies and showcased why Cooper is considered among the best in the business.

AP NHL: https://apnews.com/hub/nhl

FILE - Edmonton Oilers hockey player Connor McDavid poses with the Ted Lindsey Award, the Maurice "Rocket" Richard Trophy, the Art Ross Trophy and the Hart Memorial Trophy at the NHL Awards, on June 26, 2023, in Nashville, Tenn. (AP Photo/George Walker IV, File)

FILE - Colorado Avalanche forward Nathan MacKinnon stands with his trophies as the recipient of the Hart Memorial Trophy, left, and Ted Lindsay Award at hockey's NHL Awards, Thursday, June 27, 2024, in Las Vegas. (AP Photo/L.E. Baskow, File)

FILE - Tampa Bay Lightning's Nikita Kucherov poses with, from left, the Ted Lindsay Award, Hart Memorial Trophy and the Art Ross Trophy after winning the honors at the NHL Awards, onJune 19, 2019, in Las Vegas. (AP Photo/John Locher, File)