Wall St ends 2022 with biggest annual drop since 2008 - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 12/31/2022 1:17 AM
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US stocks ended the final trading session of 2022 lower on Friday, capping a year of sharp losses driven by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine war and rising concerns over COVID cases in China.

Wall Street’s three main indexes booked their first yearly drop since 2018 as an era of loose monetary policy ended with the Federal Reserve’s fastest pace of rate hikes since the 1980s.

He also cited economic indicators pointing to recession, geopolitical tensions including the Ukraine war, and China’s surging COVID cases and strained relations with Taiwan. The S&P 500 growth index has fallen about 30.5% this year, while the value index is down 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy.Ten of the 11 S&P sector indexes dropped on Friday, led by real estate and utilities.

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