Most investors were likely happy to see 2022 come to an end when the bell rang out the final trading session of the year on Friday. Stocks logged their worst annual performance since 2008, while bond returns were the worst in decades or even, in some cases, in history.
The calendar has afforded exhausted traders a three-day weekend to recuperate and get ready for 2023, with ew Year’s Day falling on Sunday, meaning U.S. financial markets are closed Monday. Thanks to an obscure exchange rule, investors and traders were denied a day off for New Year’s Day in 2022, which fell on a Saturday.
See: An interest-rate shock wrecked stocks in 2022. Here’s what the pros say will drive the market in 2023.
Bond traders got a jump on the New Year’s Eve festivities. SIFMA, the industry trade group, recommended that fixed-income markets close an hour early on Friday, Dec. 30, at 2 p.m. Eastern.
Also read: What’s open on New Year’s Day and Jan. 2? Will the post office deliver mail on Monday?
Investors last week were coming off a three-day weekend after the Christmas Day holiday, which also fell on Sunday. Financial markets were closed Monday in observance.
The S&P 500 SPX,
The S&P 500 saw a 2022 loss of 19.4%, dragged down in part by sharp losses for former technology-related highfliers that have suffered the worst as the Federal Reserve has aggressively jacked up its policy interest rate in an effort to rein in inflation. The tech-heavy Nasdaq Composite COMP,
The Dow Jones Industrial Average DJIA,
Hong Kong-traded shares of the company fell sharply on Monday.
William Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C., newsrooms.
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