Stocks extended their late-December rally as AI stocks surged, sending the S&P 500 to a record close. The benchmark, alongside the Dow and tech-heavy Nasdaq, marked a fourth-straight daily gain as investors brushed off rate-cut concerns after a particularly strong GDP report. Meanwhile, the Cboe Volatility Index (VIX) closed at its lowest level in one year. 

Criticism from Fed Chair candidate Kevin Hassett was also brought forward, where Hassett said rates are not being slashed fast enough. As a reminder, the stock market will close at 1 p.m. ET tomorrow for Christmas Eve and be closed on Thursday for Christmas Day. 

GOLD LOGS SECOND DAY OF RECORD HIGHS

Supply fears mounted alongside tensions between the U.S. and Venezuela as well as Russia and Ukraine. January-dated West Texas Intermediate (WTI) crude added 37 cents, to close at $58.38 per barrel. 

Silver and gold cannot be stopped, with both safe havens seeing ample end-of-year attention from investors, logging a second day of record highs. February-dated gold settled up 0.8% to close at $4,505.70 per ounce for Friday, earlier hitting a high of $4,530.80. 

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