Worst Year for Stocks Since ’08

Stocks slipped on Friday to end a brutal 2022 with a whimper, as Wall Street wrapped up its worst year since 2008 on a sour note.

The Dow Jones Industrials slipped 73.55 points to end the week at 33,147.25

The S&P 500 skidded 9.78 points at 3,839.56

The NASDAQ Composite Index slumped 11.6 points to 10,466.48.

Friday marked the final day of trading in what has been a painful year for stocks. All three of the major averages suffered their worst year since 2008 and snapped a three-year win streak. The Dow fared the best of the indexes in 2022, down about 8.8%. The S&P 500 sank 19.4%, and is more than 20% below its record high, while the tech-heavy NASDAQ tumbled 33.1%.

Despite the yearly losses, the Dow and S&P 500 did break three-quarter losing streaks in the final three months of the year. The NASDAQ, however, dominated by the likes of Apple, Tesla and Microsoft, muddled through its fourth consecutive negative quarter for the first time since 2001. All three averages are negative for December, however.

Communication services was the worst performing sector in the S&P 500 this year, falling more than 40%, followed by consumer discretionary. Energy was the only sector to rise, climbing nearly 60%.

Prices for the 10-year Treasury wilted, raising yields to 3.88%.

Oil prices climbed $2.01 to $80.41 U.S. a barrel.

Gold prices heightened $4.20 to $1,830.20 U.S. an ounce.