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

A trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022.

The Fed’s key lending rate stood at a range of 0% to 0.25% at the beginning of 2022 and will close the year at a range of 4.25% to 4.5% after seven increases. The U.S. central bank forecasts that will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesn’t call for a rate cut before 2024.

If inflation continues to show signs of easing, and the Fed reins in its rate-hiking campaign, that could pave the way for a rebound for stocks in 2023, said Jay Hatfield, CEO of Infrastructure Capital Advisors. The S&P 500 fell 9.78 points, or 0.3%, to finish at 3,839.50. The index posted a 5.9% loss for the month of December.The Dow dropped 73.55 points, or 0.2%, to close at 33,147.25. The Nasdaq slipped 11.61 points, or 0.1%, to 10,466.48.

Energy stocks held up better than the rest of the market as U.S. crude oil prices settled 2.4% higher. The sector notched a 59% gain for the year, while the other 10 sectors in the S&P 500 finished 2022 in the red. The Fed will release minutes from its latest policy meeting on Wednesday, potentially giving investors more insight into its next moves.

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