“There was no Santa Claus appearance this year. The Grinch arrived this December for investors”said Greg Bassuk, managing director of AXS Investments in Port Chester, New York.
December is usually a strong month for stocks, with a rally in the week between Christmas and New Years. The S&P 500 has recorded just 18 losing Decembers since 1950.as shown by data from Truist Advisory Services.
All 11 S&P 500 indices fell on Wednesday, with energy stocks losing the most.
Investors have been weighing in on Beijing’s decision to begin rolling back its strict Covid-19 measures this month in a sharp 180-degree turn, announcing on Monday that it would lift its quarantine for travelers from next month as the restrictions increased. infections in the country.
The benchmark S&P 500 is down 20% so far this year and is about to record its biggest annual loss since the 2008 financial crisis. The fall has been most severe for the technology-heavy Nasdaq Composite, which closed at the lowest level since July 2020.
While recent data pointing to easing inflationary pressures bolstered hopes for more modest interest rate hikes, a tight job market and a resilient US economy have raised concerns that rates could stay higher for longer. .
Tesla rose on a choppy day, after hitting its lowest level in more than two years in the previous session on concerns about demand in China. Still, the value sank 69% on the year.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
