Asian stocks are higher while Europe opened lower as most major markets headed for big annual losses after a year that was roiled by Russia's invasion of Ukraine.
FILE - Traders work on the floor at the New York Stock Exchange in New York, Friday, July 1, 2022. – Stocks fell in afternoon trading on Wall Street Friday as major indexes close out a dismal year with lingering concerns about stubbornly hot inflation and a potential recession.
The Dow Jones Industrial Average fell 210 points, or 0.6%, to 33,007. It is on track for a 9.4% loss this year. Stocks struggled all year as inflation put increasing pressure on consumers and raised concerns about economies slipping into recession. Central banks raised interest rates to fight high prices. The Federal Reserve's aggressive rate hikes remain a major focus for investors as the central bank walks a thin line between raising rates enough to cool inflation, but not so much that they stall the U.S. economy into a recession.
The Fed's battle against inflation, though, will likely remain the overarching concern in 2023, according to analysts. Investors will continue searching for a better sense of whether inflation is easing fast enough to take pressure off of consumers and the Fed. The government will also release a November report on job openings on Wednesday. That will be followed by a weekly update on unemployment on Thursday. The closely-watched monthly employment report will be released on Friday.
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