Wall Street continued its winning streak Wednesday, with major indexes inching higher as investors eyed a traditionally strong year-end period. But the real fireworks happened in commodities, where precious metals staged a rally for the record books.

By midday trading, the S&P 500 had climbed 0.4% to hover near 6,900, tantalizingly close to the all-time high of 6,920 set back in October. The Nasdaq 100 matched that gain with a 0.4% advance, while the Dow Jones Industrial Average added 0.3%. Small caps weren't feeling the love though, with the Russell 2000 sliding 0.6%.

The session got its direction from third quarter GDP data that caught economists off guard. The economy expanded at a 4.3% annualized clip, blowing past consensus estimates of 3.3% and delivering the fastest growth rate in two years. That's the kind of number that makes you wonder what all the recession talk was about.

The robust GDP print had immediate consequences for Fed policy expectations. Traders dialed back their bets on near-term rate cuts, with the probability of a 25-basis-point reduction in late January dropping to about 15% from 20% just a day earlier. The market now sees two cuts total in 2026, most likely coming in June and September.

Novo's Obesity Pill Gets the Green Light

In individual stock action, Novo Nordisk A/S (NVO) delivered the day's most impressive performance, surging nearly 9% in its best session since March 2024. The Danish pharmaceutical giant caught a bid after US regulators approved Wegovy in pill form, making it the first oral GLP-1 treatment for weight management. That's a potential game changer for a market that's been dominated by injectables.

Precious Metals Write Their Own Headlines

But if you want to talk about eye-popping moves, look at the commodity complex. Precious metals are having a moment that'll be talked about for years.

Silver jumped more than 2% to crash through the $70-per-ounce barrier, racking up roughly 140% in gains year-to-date. That makes 2025 silver's strongest year since 1979. Let that sink in for a moment.

Gold wasn't content to sit on the sidelines either, advancing 0.7% to $4,475 an ounce and notching yet another record high. Platinum surged 5.5% for its ninth consecutive gain, hitting levels not seen since 2008 and posting a nearly 150% year-to-date surge—the metal's best year ever.

Palladium joined the party with a 5.6% jump to prices last seen in October 2022, now up 105% for the year. Even copper got in on the action, rising about 1.1% as it continues recovering from the sharp selloff back in late July.

ETF Scorecard

Among the major exchange-traded funds tracking market benchmarks:

• The Vanguard S&P 500 ETF (VOO) rose 0.31% to $631.69
• The Invesco QQQ Trust Series (QQQ) advanced 0.32% to $621.21
• The SPDR Dow Jones Industrial Average ETF (DIA) gained 0.15% to $484.20
• The iShares Russell 2000 ETF (IWM) fell 0.49% to $252.34
• The Communication Services Select Sector SPDR Fund (XLC) led sector performance with a 0.5% gain, while the Real Estate Select Sector SPDR Fund (XLRE) lagged with a 0.4% decline

Russell 1000's Biggest Movers