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.

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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 PelosiTrump knocks testimony from 'Never Trumpers' at Louisiana rally Jordan calls Pelosi accusing Trump of bribery 'ridiculous' USMCA deal close, but not 'imminent,' Democrats say 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 TrumpButtigieg surges ahead of Iowa caucuses Biden leads among Latino Democrats in Texas, California Kavanaugh hailed by conservative gathering in first public speech since confirmation 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.