S&P 500 companies suffer worst losses since 2008 global financial meltdown

Tuesday, January 3, 2023 | Tag Cloud Tags: , , , , , , , , , ,

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by Karen Faulkner, Worthy News Correspondent

(Worthy News) – Stocks saw their worst performance since the 2008 global financial crisis as the Standard & Poor’s 500 Index fell 10 points to close at 3,840 by the end of 2022, CBS News reports. A market-capitalization-weighted index of 500 leading US publicly traded companies and a key gauge of the stock market overall; the S&P 500 index was down 19.4% by the end of last year.

The Dow Jones Industrial Average dropped 74 points to 33,147, CBS reports. The Nasdaq composite fell 0.1%, losing a total of 33% for the year. Banks reported 14.5% in losses; telecommunications lost 11.2%.

Giant companies, including Amazon and Netflix, lost some 50% of their market value last year, while social media giant Meta Platforms suffered losses of 60%. Electric car company Tesla crashed by 65% in 2022, losing around $700 billion in market value. Southwest Airlines shares fell 7%.

Energy stocks did better as US crude oil prices rose 1.1%. Moreover, bond yields rose for the most part: The yield on the 10-Year Treasury, which influences mortgage rates, rose to 3.88% from 3.82%, CBS said.

Analysts expect S&P 500 companies to announce a 3.5% drop in earnings during the fourth quarter of 2022 and for earnings to remain flat through the first two quarters of 2023, CBS reports.

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