NEW YORK – US stocks dipped on Friday to end a tumultuous year as market participants remain concerned about the economic and profitability landscape, reported Xinhua.
The Dow Jones Industrial Average fell 73.55 points, or 0.22%, to 33,147.25. The S&P 500 sank 9.78 points, or 0.25%, to 3,839.5. The Nasdaq Composite Index dipped 11.60 points, or 0.11%, to 10,466.48.
Ten of the 11 primary S&P 500 sectors ended in red, with real estate and utilities down 1% and 0.96%, respectively, leading the laggards. Energy rose 0.76%, the lone gaining group.
Yesterday marked the final trading day of 2022, a brutal year for equities as aggressive Federal Reserve policy tightening to curb inflation triggered worries about a potential US recession.
All the three major benchmarks suffered their worst year since 2008. The Dow dropped 8.8% in 2022, while the S&P 500 tanked 19.4% and the technology-heavy Nasdaq slumped 33.1%.
Despite the sharp losses, analysts cautioned the market’s pain may be far from over.
“With pressure on corporate profits for the next few quarters, equity markets could slip in the near term,” UBS analysts said in a recent note.
In the first half of 2023, the S&P 500 is expected to retest the lows of 2022, but a pivot from the Fed could drive an asset recovery later in the year, strategists at JP Morgan Global Research said in the team’s year-ahead outlook. – Bernama, December 31, 2022
