US stocks closed the last trading session of 2022, yesterday, Friday, in down, ending a year of steep losses, led by sharp interest rate hikes to curb inflation and also fears of a recession and Russo-Ukrainian war as concern grows over rising Corona virus cases in China .
Wall Street’s three major indexes recorded their first annual decline since 2018, when the era of accommodative monetary policy ended with the US Federal Reserve’s fastest rate hike since the 1980s.
This also represents the largest annual decline for the indices since the 2008 financial crisis, according to Reuters.
Shares of Apple, Alphabet, Microsoft, Amazon, NVIDIA and Tesla were among the biggest losers in the Standard & Poor’s 500 index, as they fell between 28% and 66% in 2022.
Energy stocks posted a whopping 58% year-on-year gain as oil prices soared.
The Standard & Poor’s 500 index fell 9.43 points, or 0.24%, to close at 3839.85 points, while the Nasdaq Composite lost 11.05 points, or 0.11%, to 10467, 74 points. The Dow Jones Industrial Average fell 70.47 points, or 0.21%, to 33,152.55.
According to the data, the Standard & Poor’s fell 19.44% for the year, the Dow Jones fell 8.78% and the Nasdaq Composite fell 33.1%, in the largest percentage point loss for the three indices since 2008.
Read More About: Business News