S&P 500 wraps worst year since 2008

The three major U.S. stock indices are targeting their worst annual performance since 2008, with the S&P 500 skidding over 20% in 2022. 

Stocks fell on Friday as growth shares dipped in the final trading session of a year marked by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine war and rising concerns over COVID-19 cases in China.

"The housing market has really slowed down and the values of people's homes have declined off of the highs earlier this year," said J. Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management in Champaign, Illinois.

"That, along with a slightly weakening job picture, is probably affecting ... the market right now economically. And then on the back of everyone's mind is China as they loosen up their policies toward COVID restrictions and as they open up their economy."