By Echo Wang
(Reuters) – Wall Street’s main indexes closed lower on Wednesday as investors grappled with mixed economic data, a rise in China’s Covid-19 cases and expected geopolitical tensions in 2023. December is typically a strong month for equities. , with a rise in the week between Christmas and New Year. The S&P 500 index has lost just 18 December months since 1950, data from Truist Advisory Services shows. “Typically, a Santa Claus rally is spurred by hope for factors that will drive economic and market growth,” said Greg Bassuk, chief executive of AXS Investments in Port Chester, New York. “The negative and mixed economic data, heightened concerns about a resurgence of Covid-19 and ongoing geopolitical tensions and… all of that also translating into Federal Reserve monetary policy is preventing Santa Claus (from) appearing later this year.” All 11 S&P 500 sector indices fell on Wednesday, with energy stocks the biggest losers. [OU] Investors have been weighing China’s move to reopen its Covid-19-hit economy against the backdrop of a surge in infections. The S&P 500 is down 20% year-to-date, on course for its biggest annual drop since the 2008 financial crisis. The loss was most severe for the Nasdaq tech index, which closed at its lowest level since July 2020. preliminary results, the S&P 500 lost 1.21% to 3,783.05 points. The Nasdaq retreated 1.34% to 10,214.89 points. The Dow Jones fell 1.11% to 32,873.96 points.
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