Setting aside Nancy Pelosi’s portfolio, the rest of us in the stock market took a beating in 2022.
As The Daily Wire reported on Saturday, 2022 was the seventh-worst year for stocks since the Great Depression hit in 1929.
The S&P 500 fell nearly 20%, its worst performance since the first year of the Great Recession in 2008. That year, the market plunged 37%. Before that, you have to go back to the dot-com bubble of 2001-02.
But that wasn’t the only one.
CNBC noted that the Dow Jones Industrial Average, the main market for stocks, fell 8.8% this year. Nasdaq, which is heavy with tech stocks like Apple, Microsoft, and Tesla, plummeted 33.1%.
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The cryptocurrency website Coin Telegraph pointed out that a traditional portfolio built on the benchmark or 60% stocks and 40% bonds marked its worst performance since 1932.
The Daily Wire also highlighted a study by a conservative group called the Committee to Unleash Prosperity, which reported that as of mid-October, the average 401(k) plan lost $34,000, or about 25% of its value.
The bond market was no help either. As The Daily Wire reported, “To make matters worse, 2022 is one of the few years on record in which both the stock market and the bond market were negative.”
Financial Times reported recently that the bond market was also down almost 20% for 2022.
The outlet created a chart that showed, in terms of percentage losses, 2022 was the worst year for stocks and bonds combined since 1871.
Bond returns were negative in 2022 for the second consecutive year, Financial Times noted, making 2021-22 the first two-year period that happened since 1958-59.
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Meanwhile, you can lump in record-high gas prices earlier this year, which remain significantly higher than when President Joe Biden took office; inflation racing at its highest rate in 40 years; and interest rates at their highest level since 2008.
But don’t worry; the worst is yet to come.
As CNBC noted recently, “As the calendar turns to a new year, some investors think the pain is far from over. They 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.”
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