The Fed's battle against inflation will likely remain investors' overarching concern in 2023, according to analysts.
Wall Street capped a quiet day of trading with more losses Friday, as it closed the book on the worst year for the S&P 500 since 2008.
Rising interest rates prompted investors to sell the high-priced shares of technology giants such as Apple and Microsoft as well as other companies that flourished as the economy recovered from the pandemic. Amazon and Netflix lost roughly 50% of their market value. Tesla and Meta Platforms, the parent company of Facebook, each dropped more than 60%, their biggest-ever annual declines.
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 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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P 500 Index: 2023 year-end range is wide at 3,800-4,500 – BNY Mellon2022 was a volatile year for equities. Ecnomists at BNY Mellon expect S&P 500 Index to remain under pressure before starting to move higher. More pain
Read more »
Treasury notes fall as investors assess 2023 headwinds, Fed policy outlookU.S. Treasury notes declined on Thursday as investors weighed recession risks and assessed the outlook for Federal Reserve policy in the new year.
Read more »
The Fed won't be what drives markets in 2023, wealth manager saysFed officials and economists expect interest rates to stay high next year, with reductions unlikely until 2024.
Read more »
Illinois' minimum wage going up again in 2023, new laws to impact how businesses manage employees(The Center Square) – Illinois' minimum wage will increase by an additional dollar an hour in 2023, and new laws on the books will impact how the state's businesses manage employees.
Read more »
Hollywood Is Roaring Again: The Ultimate 2023 New Year’s Eve Party RoundupAfter several years of muted celebrations, the town wants to let off some steam. These are some of the biggest bashes around L.A.
Read more »
Samsung's new Family Hub Plus smart fridge has a massive 32-inch display | EngadgetCES 2023 is nearly here, so that means we're once again writing about Samsung smart refrigerators..
Read more »