A broad slide for stocks added to Wall Street's recent losses Wednesday, as investors count down to the end of the worst year for the S&P 500 since 2008. The S&P 500 fell 1.2%, with technology, energy, and industrial stocks among the biggest weights on the benchmark index, the AP reports. The tech-heavy Nasdaq composite slid 1.4%. Both indexes came into this week with three straight weekly losses. The Dow Jones Industrial Average dropped 1.1%. The latest losses don't bode well for investors hoping for another "Santa Claus" rally. That's Wall Street's term for when stocks rise in the last five trading days of December and first two of January.
Southwest Airlines slid 5.2% as the carrier grappled with the fallout after cancelling thousands of flight cancellations. The airline’s CEO said it could be next week before the flight schedule returns to normal. Shares in other airlines also fell. Delta Air Lines was off 2.8% and United Airlines fell 2.4%. Tesla rose 3.3% as it stabilized from steep losses it suffered after reports Tuesday that it temporarily suspended production at a factory in Shanghai, though the stock is still down more than 70% for the year.
With two more days of trading left in 2022, the S&P 500 is headed for a roughly 20% drop for the year, even as profits and margins for companies in the index have hit record heights this year. The Dow is on pace for a 9.5% drop, while the Nasdaq is doing much worse, on pace to plunge 34.7% . Investors are in the middle of a mostly quiet and holiday-shortened week. Markets were closed on Monday for the observed Christmas holiday and there are no major economic reports expected this week. A report from the National Association of Realtors showed that the housing market continued cooling amid high prices and steeper interest. Pending home sales fell 4% in November.
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