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

January 3, 2023 Published by

Business Insider 

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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: 

S&P 500: 3,852.37, up 0.34%Dow Jones Industrial Average: 33,193.76, up 0.14% (46.51 points)Nasdaq Composite: 10,540.40, up 0.71%

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: 

US stocks will rebound 24% this year as Fed tightening will no longer crush the market, according to FundstratSpaceX is launching a $750 million funding round with Andreessen Horowitz that values the company at $137 billion, CNBC reportedUS oil giants Exxon and Chevron are poised to reap $100 billion in total profit from Russia’s war on UkraineGemini’s Cameron Winklevoss accused Genesis boss of stalling on $900 million loan paymentsTesla fell short on deliveries in the fourth quarter and on its 2022 targets

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.

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