US stocks ready to end ‘terrible year’ of rate hikes and inflation

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AFP

New York (AFP) – Wall Street is headed for its worst showing in years as US stocks slumped Friday, ready to end a “terrible year” shaken by inflation and aggressive responses to rein in costs. The market sag comes amid slowing global growth, slammed by monetary policy tightening, protracted Covid-19 restrictions in China and an energy supply shock after Russia’s invasion of Ukraine. In the United States, the key S&P 500 index is down almost 20 percent over the past year. This is its fourth-worst performance since World War II, said Sam Stovall, chief investment strategist at CFRA Research. The…

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