Wall Street delivered the kind of Christmas present investors had been hoping for, as the S&P 500 set fresh records while a key measure of market anxiety fell to its lowest level in more than a year.

The S&P 500 climbed past 6,920 points in a shortened session ahead of the Christmas market closure, edging up 0.2% and lifting its year-to-date gains to 17%.

Other major large-cap indices also posted modest gains on a day typically marked by thin trading volumes. The move put Wall Street on track for a fifth straight session of gains as stocks head into the final week of the year, a period that has historically delivered positive seasonal performance.

The CBOE Volatility Index, or VIX, slid to 13.7, levels last seen in mid-December 2024.

Top S&P 500 gainers on Wednesday included Sandisk Corp. (NASDAQ:SNDK) and Nike Inc. (NYSE:NKE) , both up about ...