US stocks suffer worst year since 2008

U.S. stocks in 2018 suffered their worst annual performance in a decade after closing on Monday. 

Despite making gains on Monday, the S&P 500 finished 2018 down 6.2 percent, while the Dow Jones Industrial Average was down 5.6 percent.

ADVERTISEMENT

Those drops marked the worst year for U.S. stocks since the 2008 financial crisis, when the S&P 500 fell 38.5 percent and the Dow dropped 33.8 percent.

The S&P 500 and the Dow also fell 13.97 percent and 12 percent in the quarter, according to CNBC.

A spokesman for House Minority Leader Nancy PelosiNancy PelosiRepublicans will pay on Election Day for politicizing Trump's impeachment Trump chooses high-profile but controversial legal team Trump: Impeachment timing intended to hurt Sanders MORE (D-Calif.) used the stock market's performance to criticize GOP tax cuts that were passed last year.

" 'Tax cuts are working' ," Henry Connelly tweeted.

Stocks slid significantly in December amid concerns over President TrumpDonald John TrumpNational Archives says it altered Trump signs, other messages in Women's March photo Dems plan marathon prep for Senate trial, wary of Trump trying to 'game' the process Democratic lawmaker dismisses GOP lawsuit threat: 'Take your letter and shove it' MORE's trade war with China, Trump's attacks against the Federal Reserve and the current partial government shutdown.

The S&P 500 and the Dow each recorded their worst December since 1931 and their largest monthly losses since 2009, CNBC reported.

Days after Trump and Chinese President Xi Jinping agreed to a ceasefire on their trade war earlier this month, Trump tweeted that he was a “Tariff Man," suggesting that he would increase tariffs on China if he couldn't reach a permanent deal with the country. 

News reports also emerged in December that Trump was considering firing Federal Reserve Chairman Jerome Powell. The government then entered a partial shutdown on Dec. 22 after lawmakers were unable to reach an agreement on Trump's demand for $5 billion in funding for a border wall.