U.S. equities closed out 2025 with another year of solid gains, even as the final trading sessions were muted by holiday-shortened schedules and lighter volumes.

Markets closed a busy week with a mixed tone as investors digested the Federal Reserve’s final meeting of the year, a shifting labor backdrop, and ongoing sector rotation.

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U.S. stocks extended their advance last week, though gains were modest as investors balanced growing confidence in a December rate cut with a mixed run of economic data. The Dow added about 0.5%, the S&P 500 rose roughly 0.3%, the Nasdaq gained just under 1%, and the small-cap Russell 2000 also finished higher.

Markets finished November on a constructive note: the S&P 500 closed the holiday-shortened Friday session higher and finished the week up roughly 3.7%, while the Dow gained 3.1% and the Nasdaq gained 4.9%, capping a five-day rally that erased most of the month’s earlier drawdown.