International markets attempt to put final yr’s distress behind them

Global markets try to put last year's misery behind them

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London
CNN
 — 

European and Asian stocks pushed higher on the first major trading day of 2023 as investors try to look beyond a gloomy outlook for the world economy, China’s worst Covid outbreak and stubbornly high inflation in Europe.

But after a positive start, Wall Street succumbed to fear again. US stocks opened higher but the rally was short lived. The Dow ended the day with a loss of about 13 points, essentially unchanged. The S&P 500 fell 0.4% while the Nasdaq Composite was down 0.8%. Stocks did close well off their lows from earlier in the session, though.

Shares of Tesla plunged 12% after the electric car giant reported weaker than expected global sales for the fourth quarter. Apple sank about 4%, leaving its market cap below $2 trillion. An impressive number, for sure, but about

$1 trillion less than its valuation at this time last year.

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