The market avoided a repeat of last year's Christmas Eve meltdown, with stocks closing flat or close to flat. The Nasdaq edged higher to a new record for its 9th consecutive record closed.
rose slightly to hit a new record high of 8,952.88, posting its ninth consecutive record close for the first time since 1998. Trading was subdued in the holiday session and the market was closed at 1 p.m. ET.
The S&P 500 is currently trading at about 18 times forward earnings, the highest level since January 2018, according to FactSet.
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