Your Evening Briefing: Last Year Was Really Bad for Retirement
Get caught up.
Many Americans avoided looking just to spare themselves the pain, but that didn’t stop their 401(k)s from plummeting in value last year. The average loss was around 20%, thanks to the market’s nosedive. Now Fidelity Investments is reporting some more bad news for the biggest savers, saying the number of retirement accounts with $1 million or more fell by whopping one third. And the outlook isn’t much better for 2023, as investors continue to battle with lingering inflation. Rob Arnott, co-founder of Research Affiliates, contends that the US stock market’s fall “is far from finished.”
That may be, but on Thursday at least, markets closed up. Tech led stock gains with the S&P 500 halting a four-day selloff. The Nasdaq 100 outperformed as big names like Microsoft and Apple rebounded and a bullish revenue forecast from Nvidia sent shares up 14%. Here’s your markets wrap.