The final day of trading ended the worst year since 2008 for the three major stock indexes that were mired by interest rate hikes from the Federal Reserve.
A trader is on the floor of the New York Stock Exchange. Markets and investor sentiment have been battered this year due to inflation and interest rate hikes. The photo was taken by Timothy A. Clary/AFP.
The S&P 500 fell 10 points and the NASDAQ declined 12 points on Friday.
The S&P 500 fell 20% and the tech heavy NASDAQ lost 34%.
The worst year for markets since the 2008 financial crisis saw the three indices drop.
Since the Federal Reserve started raising interest rates in March, the stock market has fallen, sparking fears of a recession and making it the sixth most volatile year since the Great Depression. The Fed is expected to hike rates again at its February meeting to as much as 5%, the highest since the Great Depression, though the central bank indicated last month the pace of rate hikes could start to slow.
Concerns about slowing demand for the company's electric vehicles and skepticism about Musk's new venture as the company's owner have led to a collapse in the stock price. The company's share price rebounded from steep declines earlier in the week.
The stock market plunges as new risks fuel recession fears.
The stock market fell nearly 300 points as the economy entered a stronger downturn.
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