As we round out the final trading day of the year, the market has officially suffered its worst year since 2008 thanks to Joe Biden’s disastrous economic policies.
Thanks to Biden, we remain in the midst of a volatile bear market and rampant inflation. Combine that with staggering job losses across the country and a hawkish Fed, we are in for a real mess in 2023.
Here’s more from CNBC:
All three of the major averages are marching toward their worst year since 2008, slated to snap a three-year win streak. The Dow fared the best of the indexes in 2022, down 8.58% through Thursday, while the S&P and tech-heavy Nasdaq tumbled 19.24% and 33.03%, respectively.
As the calendar year turns the corner, some investors think the pain is far from over, and expect the bear market to persist until a recession hits or the Fed pivots. Some also project stocks will hit new lows before rebounding in the second half of 2023.
“We’re sort of stuck in neutral right now, because there are more unanswered questions than there are known entities. … We’ve got a lot riding on this coming earnings season, when we think about the pressures that are going to exist on margins,” senior market strategist Rebecca Felton said on CNBC’s Sqauwk Box.
“There are a lot of questions as we head into the new year, but we certainly will be happy to see 2022 go over,” she added.
While stocks suffer their worst year in nearly 15 years, Biden is enjoying a sunny vacation in the Virgin Islands.
