Dow Jones opens up 150 points on first trading trading day of the year trends now BREAKING NEWS: Dow opens up 150 points on first trading day of the year, after Wall Street finished 2022 with worst losses since 2008 Wall Street's main indexes rose modestly on Tuesday, the year's first session It follows the worst year for stocks since great recession struck in 2008 Fed rate hikes and recession fears drove markets into bear territory last year By Keith Griffith For Dailymail.com and Reuters Published: 14:38 GMT, 3 January 2023 | Updated: 14:39 GMT, 3 January 2023 Viewcomments Wall Street's main indexes opened higher on the first trading day of the new year, after closing out 2022 with their worst performance in 14 years. Soon after the opening bell on Tuesday, the Dow Jones Industrial Average rose 149 points, or 0.45 percent, to 33,434. The S&P 500 gained 0.64 percent and the Nasdaq composite gained 0.99 percent. The main U.S. stock indexes ended 2022 with their steepest annual losses since 2008 against the backdrop of the Fed's fastest pace of rate hikes since the 1980s. The benchmark S&P 500 shed 19.4 percent last year, marking a roughly $8 trillion decline in market cap, while the tech-heavy Nasdaq fell 33.1 percent. Wall Street's main indexes opened higher on the first trading day of the new year, after closing out 2022 with their worst performance in 14 years (file photo) Tech stocks, which are the most sensitive to interest rates, such as Alphabet, Meta and Amazon, were up between 0.8 percent and 0.9 percent in premarket trading on Tuesday. 'The good news is that we can put the year in the rearview mirror. The bad news is that 2023 could be a bumpy ride, at least for the first few months,' Art Hogan, chief market strategist at B. Riley Financial, said. Tesla stock, which dropped 69 percent in 2022 for its worst year ever, fell 3.5 percent in early trading as the electric-vehicle maker missed Wall Street estimates for quarterly deliveries. As investors return from the New Year holidays, focus is now on the likelihood of a recession following aggressive monetary policy tightening. The head of the International Monetary Fund has also cautioned that 2023 is poised to be a tough year as the U.S., Europe and China all experience weakening economic activity. Investors on Wednesday will closely monitor the minutes of the Fed's December policy meeting, when the central bank raised interest rates by 0.5 percentage points after four back-to-back 0.75-point hikes and signaled rates could stay higher for a while. Markets will also be watching a slew of economic data due out this week. Economic data due this week includes December's job report as well as manufacturing data, which will give further clues on the strength of the economy and the labor market. Developing story, more to follow. Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility