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.


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 PelosiProgressives call for impeachment inquiry after reported Kavanaugh allegations The promise and peril of offshoring prescription drug pricing Words matter, except to Democrats, when it involves impeaching Trump 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 TrumpHarris bashes Kavanaugh's 'sham' nomination process, calls for his impeachment after sexual misconduct allegation Celebrating 'Hispanic Heritage Month' in the Age of Trump Let's not play Charlie Brown to Iran's Lucy 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.