After bottoming in October, equity indexes have since rebounded as investors become more comfortable that we are close to the end of the interest rate hiking cycle. Even with the strong fourth quarter, most market indexes were down over 15% in 2022. Technology stocks were notably weak, causing the NASDAQ composite index to fall over 30%. The best-performing major index was the Dow Jones Industrial Average which only fell 6% as “old economy” stocks weathered the storm much better.

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