Peter Smith
⬤ The S&P 500 (SPX) hit a fresh record of 6,932 on December 24, 2025, pushing the index's total market cap to $61.9 trillion. That's an 18.4% gain for the year, which translates to roughly $9.6 trillion in new market value—a massive vote of confidence in U.S. equities.
⬤ The climb wasn't exactly smooth sailing. Market cap started 2025 just above $52 trillion and worked its way up through several pauses and pullbacks—especially during late winter and fall—before finally breaking through to new highs in December. Along the way, we saw the index touch $59.7 trillion in September, $61.6 trillion in mid-December, and then the current peak of $61.9 trillion on Christmas Eve.
The latest milestone highlights the strength of U.S. equities in 2025.
⬤ Zooming out a bit, this recovery looks even more impressive. The S&P 500's market cap bottomed near $44.3 trillion back in April 2024, meaning we've seen roughly $17.6 trillion added in about 20 months. That kind of expansion reflects both individual stock performance and broader confidence returning to the market.
⬤ The S&P 500 is basically the go-to measure for U.S. stock market health. When it's hitting all-time highs and market cap pushes past $61 trillion, it tells you that investors are still pouring serious capital into equities. As we head into 2026, this momentum is setting the tone for what people expect from the market going forward.
Peter Smith
