For decades we have been tracking the market's performance around holidays in the annual Stock Trader's Almanac. In the 58th edition for 2025, data for DJIA, S&P 500, NASDAQ and Russell 2000 can be found on page 100. Of the eight holidays tracked, Christmas has been one of the most consistently bullish with respectable average gains occurring from 3 days before to the day before. Since 1988, the second day before Christmas, December 23 this year, has been most bullish over the past 36 years with greatest average gains and the highest frequency of advances.

Small caps measured by Russell 2000 have enjoyed the most consistent strength on all three days. Volatility also tends to be subdued ahead of Christmas with significant declines occurring only in 2018, 2008, 2001 and 2000. 2018 was the only year to see declines on all three days by all four indexes.