Dow Jones Industrial Average closed the year 2008 at 8776, up by 108 points. Nasdaq Composite closed 1.7% higher at 1577. During the year 2008, stocks markets across the world witnessed sharp declines. UK’s FTSE, Indian Indices Sensex and Nifty, Japan’s Nikkei and European indices faced biggest losses in several years.

During 2008, Oil prices touched an all-time high of $147 a barrel. The oil has declined in recent months due to lower consumption and declining economic conditions.

Many Technical Analysts predict that the year 2009 will be better than 2008. The policies announced and steps taken by governments in different countries will show their effect by second half of year 2009.

In United States, Investor wealth was eroded by massive $6.9 trillion as selling pressure caused stocks to fall to their many-year lows. Auto, Banking, Aviation, Technology and Consumer durable stocks were among worst-hit.

While some technical experts are not certain about the market movement during first half of year, most of them are looking at second half as much better in terms of stock valuations and corporate performance.

TopNews wishes all Investors a very Happy New Year 2009!