S&P 500 closes out dismal year with worst loss since 2008

Stocks are closing out 2022 with more losses, giving the S&P 500 its worst year since 2008. The benchmark index fell 0.3% Friday, the last trading day of the year, leaving it down 19.4% for the year.The Fed's battle against inflation will likely remain investors' overarching concern in 2023, according to analysts.

When Wall Street reopens after another long holiday weekend, investors will have several big updates on the employment market to digest in the first week of the new year. There was scant corporate or economic news for Wall Street to review on the last trading day of the year. Tesla rose 0.4%, as it continued to stabilize after steep losses earlier in the week. The electric vehicle maker is still on pace for a 65% loss this year.

People are also reading… Southwest Airlines rose 0.3% as its operations returned to relative normalcy following massive cancellations over the holiday period. The stock is still down 7.2% for the week. Stocks struggled all year as inflation put increasing pressure on consumers and raised concerns about economies slipping into recession. Central banks raised interest rates to fight high prices. Subscribe to stay connected to Tucson. A subscription helps you access more of the local stories that keep you connected to the community.

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