2022 has ended with the S&P 500 suffering its worst year since 2008.
Overall, the benchmark index fell 10 points, leaving it down 19.4% for 2022. The Dow Jones Industrial Average fell 74 points, or 0.2%, and the Nasdaq composite fell 0.1%.
This is its worst loss since the 2008 market crash.
The index is comprised primarily of technology stocks, which have not done well this year. Tesla, for example, is still on pace for a 65% loss this year.
Meanwhile, energy stocks did better than the rest, with U.S. crude oil prices rising 1.1%.
Southwest Airlines shares did fairly well and rose close to 1%. However, massive airline cancellations have since caused a decline of 7%.
Inflation has been a top priority for American citizens and is on the top of the list of things they hope the White House will address. Unfortunately, most Americans don’t have high hopes for 2023 either, and a recent poll showed that many expect inflation will continue into the next year.
The Federal Reserve has attempted to change this course by hiking up lending rates.
The Federal key lending rate stood at a range of 0% to 0.25% when 2022 began and ended with a range of 4.25% to 4.5%. The U.S. central bank expects this to rise even higher in 2023.
ARTICLE: PAUL MURDOCH
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: LA TIMES
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