The benchmark S&P 500 hit its latest record, setting up Wall Street to ride into the Christmas holiday on a high note.

As is customary, U.S. stock and bond markets will close early on Dec. 24 at 1 p.m. and 2 p.m. Eastern time, respectively. Over-the-counter markets, where trading is done without the supervision of an exchange, will also shutter at 2 p.m.