Stocks close slightly lower in quiet post-Christmas trading

NEW YORK (AP) — Stocks closed slightly lower on Friday in a quiet day of trading as investors returned from the Christmas holiday.

The S&P 500 index fell 2.11 points, less than 0.1%, to close at 6,929.94, the Dow Jones Industrial Average fell 20.19 points, also less than 0.1%, to 48,710.97 and the Nasdaq composite fell 20.21 points, or 0.1%, to 23,593.10.

Institutional investors are largely closed out of their positions for the year, so trading was extremely light. Trading on the New York Stock Exchange was roughly half what an average day.

With three trading days left in 2025, the S&P 500 has climbed nearly 18% this year, helped by the deregulatory policies of the Trump administration as well as investor optimism about the future of artificial intelligence.

Gold and silver prices continued to climb, with silver rising nearly 8% to $77.20 an ounce. Gold rose 1.1%. Both precious metals have risen this year as investors have looked for safe havens outside of stocks and bonds, and silver has also risen sharply due supply constraints. Miners posted solid gains Friday. Freeport-McMoRan climbed 2.2%.

Earlier surges in gold prices partly reflected worries during the U.S. government shutdown. Expectations that the U.S. Federal Reserve will cut interest rates further in the new year, weakening the dollar against other currencies, have also fueled buying of gold.

Shares of Target rose 3.1% after The Financial Times reported that an activist investor is taking a stake in the retail giant.

U.S. crude oil fell 2.8% and Brent crude fell 2.6%.

Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury note edged down to 4.13%.

Markets in Hong Kong, Australia, New Zealand and Indonesia were closed. Most European markets remained closed Friday.