Audio Sources - Full Text Articles

US stocks climb on 2023’s first day of trading after Wall Street’s year since 2008

Spread the news

traders NYSE

Scott Olson/Getty Images

  • US stocks climbed Tuesday on the first day of trading for 2023. 
  • Indexes are coming off one of their worst years in history, with the S&P 500 losing about 20% over the last 12 months. 
  • Tuesday also marks the one-year anniversary of the S&P 500’s all-time closing high.

US stocks rallied on Tuesday, the first trading day of the year, following a brutal 2022 that saw their worst performance since 2008.

In 2022, the S&P 500 shed about 20%, and Tuesday also marked the one-year anniversary of the index’s all-time closing high. 

Now, investors are looking ahead to a year of more uncertainty as the world’s central banks continue to fight high inflation, and geopolitical tensions persist in eastern Europe.

Here’s where US indexes stood as the market opened 9:30 a.m. on Tuesday: 

Should stocks see a second consecutive losing year, history says it’s slated to be worse than the first. That remains rare, however, as US markets typically rebound after a down year.

The S&P 500 has only seen back-to-back negative years on four occasions: The Great Depression, World War II, the 1970s oil crisis, and the dot-com bubble of the early 2000s. 

Here’s what else is going on: 

In commodities, bonds, and crypto: 

  • Oil prices dropped, with West Texas Intermediate down 1.83% to $78.79 a barrel. Brent crude, the international benchmark, inched lower 1.72% to $84.48 a barrel.
  • Gold rose 0.95% to $1,843.60 per ounce.
  • The 10-year yield ticked 0.92 basis points higher to 3.739%.
  • Bitcoin edged up 0.05% to $16,728.70.
Read the original article on Business Insider

Spread the news
WP Radio
WP Radio