The main U.S. stock indexes in 2022 showed their steepest annual losses since 2008 following the Fed's fastest pace of rate hikes since the 1980s to stamp out decades-high inflation, APA reports citing Reuters.
The Dow Jones Industrial Average fell 10.88 points, or 0.03%, to 33,136.37; the S&P 500 lost 15.36 points, or 0.40%, to 3,824.14; and the Nasdaq Composite dropped 79.50 points, or 0.76%, to 10,386.99.
The S&P 500 had shed 19.4% in 2022, marking a roughly $8 trillion decline in market capitalization, while the Nasdaq fell 33.1%, dragged down by growth stocks.
Among the S&P 500's 11 major sectors, behind energy, technology was the second biggest decliner, losing 1%, with Apple hastening the decline as it ended the day with a market valuation below $2 trillion for the first time since March 2021.
The pan-European Stoxx 600 closed up 1.2%, with almost all sectors in positive territory. Europe’s banking index rose 2.4% to lead gains, while oil and gas stocks bucked the trend to end the session down 0.7%.
Of the major bourses, the U.K.’s FTSE 100 closed up 1.4%, while Germany’s DAX index added 0.8% and France’s CAC 40 was up 0.4%.
Germany published lower-than-expected inflation figures for December, down to 9.6% year on year. They will be followed by inflation figures from France on Wednesday, Italy on Thursday, and a flash estimate for the whole euro area on Friday.
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