The stock market closed 2022 with its worst year since 2008

The stock market posted significant declines in 2022, with the Dow Jones Industrial Average, S&P 500, and Nasdaq marking their worst year since 2008, falling 8.8%, 19.4%, and 33.1%, respectively, according to data CNBC.

The stock market’s tumble of 2022 came in a year when Russia was at war with Ukraine and the Federal Reserve was raising interest rates to combat the high inflation that has plagued Americans.

“Over the past 12 months, the headline index before seasonal adjustment is up 7.1 percent,” the US Bureau of Labor Statistics found in a consumer price index report published earlier this month. “The composite index rose 7.1 percent in the 12 months to November; this was the smallest 12-month increase since the period ended December 2021.”

Economic conditions could continue to deteriorate for a while.

“You still have high inflation that’s slowing down, you have a declining housing market, you have slowing growth – all point to a potential further deterioration in the economy in the first half of 2023,” said Peter Essele, head of portfolio management at the Commonwealth Financial Network said after the Wall Street Journal – The outlet reported that Essele suggested the downturn could prompt the Fed to hint at potential for rate cuts. “That could paint a very nice picture for the second half of 2023,” he said.

Congress recently passed a roughly $1.7 trillion omnibus spending package that ran to thousands of pages and drew criticism from conservatives — Texas Senator Ted Cruz described it as a “spending boondoggle” that “anticipates inflation and… will drive prices up even more.” There were 18 GOP senators and 9 House Republicans who voted to pass the measure. The stock market closed 2022 with its worst year since 2008

Laura Coffey

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