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

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



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.