The S&P 500 declined for the fourth consecutive week as the stock market completed its worst year in more than a decade.
The S&P 500 dropped 19.2% in 2022, its worst performance in any year since it declined 38.4% during the global financial crisis in 2008. The Dow Jones Industrial Average finished 2022 down 8.5% on the year, while the tech-heavy Nasdaq declined 33%.
Occidental Petroleum and Constellation Energy were the two best-performing stocks in the S&P 500 in 2022, gaining 114.8% and 106.6%, respectively. Generac, which makes power generation equipment, and Match were the two worst-performing S&P 500 stocks of the year, each declining more than 68%.
The U.S. Department of Transportation said it plans to investigate Southwest Airlines after a severe winter storm disrupted the airline industry over the holiday weekend and forced Southwest to cancel 70% of its flights on Monday. Southwest canceled thousands of flights throughout the week and told investors Thursday the operational debacle would "certainly" have an impact on the airline's fourth-quarter numbers.
On Wednesday, Tesla CEO Elon Musk wrote a letter to Tesla employees urging them not to be "too bothered by stock market craziness." Tesla's stock price dropped more than 69% in 2022, its worst year since the company went public back in 2010.
Outlook Therapeutics sees stock rise
On Thursday, biotechnology company Outlook Therapeutics reported third-quarter financial results and said it anticipates a potential regulatory approval of its wet age-related macular degeneration treatment ONS-5010 in 2023, news that sent the stock higher by 15% on the week.
In the week ahead, investors will get more quarterly reports from Walgreens Boots Alliance, Conagra Brands, Constellation Brands and Lamb Weston Holdings on Thursday.
Analysts expect S&P 500 companies to report a 2.8% earnings decline in the fourth quarter, according to FactSet.
More:Inflation concerns push S&P 500 lower; Tesla shares drop
More:Elon Musk's stock sell sends Tesla shares to their lowest level in years
What's ahead: Numbers from the Fed, Labor Department
Following the Monday market holiday, investors will get key economic updates on Wednesday when the Federal Reserve releases its latest meeting minutes and on Friday when the U.S. Labor Department releases its December jobs report.
Benzinga is a financial news and data company headquartered in Detroit.
This article originally appeared on Detroit Free Press: Stocks end 2022 on a bad note, and so does Southwest Airlines