Amid growing fears of an economic recession, US stocks fell Friday, as traders made their final purchases and sales to close out the worst year for the markets since the banking crisis of 2008.

The S&P 500 lost 1.1% Friday, bringing it down almost 20% for the year. The Dow Jones Industrial Average lost 280 points, falling 0.8%, which left it down more than 9% for the year. The Nasdaq Composite fell 1.4% Friday, leaving it down over 30% for the year.

For the three major indices, it was the worst year since 2008, as skyrocketing inflation and a hawkish Federal Reserve eliminated opportunities for growth, and weighed down investor enthusiasm.

Over the summer, as consumer prices soared over 9% in yearly terms, US inflation hit a four-decade high. Inflation began to cool off toward the end of the year, after the Federal Reserve launched four consecutive 75 basis point rate hikes. However analysts expect inflation will remain over pre-pandemic levels going into 2023, and they predict it may take a few years before price growth retreats to 2019 levels.

Experts are mixed on predictions for the new year, with some saying the new year may bring with it a market recovery, while others are predicting that the market may plumb new lows.

Rebecca Felton, a senior market strategist at Riverfront Investment Group, said in an interview with CNBC, “We’re sort of stuck in neutral right now, because there are more unanswered questions than there are known entities.”

She went on to explain, “We’ve got a lot riding on this coming earnings season, when we think about the pressures that are going to exist on margins,” adding, “There are a lot of questions as we head into the new year, but we certainly will be happy to see 2022 over.”