New York, (UrduPoint / Pakistan Point News - 31st Dec, 2022 ) :Wall Street is headed for its worst showing in years as US stocks slumped Friday, ready to end a "terrible year" shaken by inflation and aggressive responses to rein in costs.
The market sag comes amid slowing global growth, slammed by monetary policy tightening, protracted Covid-19 restrictions in China and an energy supply shock after Russia's invasion of Ukraine.
In the United States, the key S&P 500 index is down almost 20 percent over the past year.
This is its fourth-worst performance since World War II, said Sam Stovall, chief investment strategist at CFRA Research.
The fall ranks behind the financial crisis of 2008, stock market crash of 1974 and dot-com bubble implosion of 2002.
It has been "a terrible year," Stovall said.
The year has been marked by persistent consumer inflation in the United States, which hit a 40-year high in June.
To cool the economy, the Federal Reserve embarked on an aggressive campaign to raise interest rates and lower demand.
It swiftly brought the benchmark lending rate from zero to a range of 4.25-4.50 percent, but the moves raised recession fears -- as policymakers vow to stay the course on curbing inflation until the job is done.
About 45 minutes into trading, the Dow Jones Industrial Average lost 0.7 percent on Friday, while the S&P 500 shed 0.8 percent.
The tech-rich Nasdaq Composite Index slumped around 1.1 percent.
- Tech sector hit - With borrowing becoming...
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