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News  ›  Investing.com

S&P 500: Markets Drift Higher Into Year-End as Breadth, Liquidity Face Key Test

Investing.com Logo Investing.com By Stephen Innes
S&P 500: Markets Drift Higher Into Year-End as Breadth, Liquidity Face Key Test

The S&P 500 logged its best week in a month with another record close, but gains are driven by positioning and seasonality rather than fresh risk appetite. Market breadth remains narrow with leadership concentrated in AI and select cyclicals. Precious metals surged to new highs amid geopolitical concerns and physical demand, while copper rallied on inventory tightness and tariff impacts. Bitcoin weakened relative to gold, and thin year-end liquidity amplified price moves across commodities.

Insights
PLG   positive

Platinum surged 40% in a month, driven by strong physical demand and structural supply impairment from South Africa. A third consecutive annual deficit turned the metal into a momentum instrument.