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Stocks fell in afternoon trading on Wall Street on Friday as major indexes close out a dismal year with lingering concerns about stubbornly hot inflation and a potential recession.
The S&P 500 fell 0.7 per cent as of 12:01 pm Eastern. The index, which is considered a benchmark for the broader market by investors, is on track to end 2022 with a 20 per cent loss. That would mark its worst loss since the financial crisis 14 years ago.
The Nasdaq composite fell 0.7 per cent and is on track for a much steeper annual loss of 33.5 per cent. The index is faring much worse this year because it is heavily made up of technology stocks that have been leading the broader market slump.
The Dow Jones Industrial Average fell 210 points, or 0.6 per cent, to 33,007. It is on track for a 9.4 per cent loss this year.
There was scant corporate or economic news for Wall Street to review on the last trading day of the year. Tesla stabilized from steep losses earlier in the week, though it is still on track for a 65 per cent loss this year.
Southwest Airlines stabilised as its operations returned to relative normalcy following massive cancellations over the holiday period.
Energy stocks held up better than the rest of the market as US crude oil prices rose 0.6 per cent.
Bond yields rose. The yield on the 10-Year Treasury, which influences mortgage rates, rose to 3.89 per cent from 3.82 per cent.
Stocks struggled all year as inflation put increasing pressure on consumers and raised concerns about economies slipping into recession.
