The New York Stock Exchange ended a hesitant session down Wednesday, where bond yields rose, with the market unprotected at the end of a very gloomy year for stock markets.

The session’s definitive results indicate that the Dow Jones Industrial Average selective index retreated 1.10%, the Nasdaq tech lost 1.35% and the broader S&P500 depreciated 1.20% and closed just below the 3,800-point threshold (3,783.22).

The decline in bonds, which deepened late in the session, occurred “against the backdrop of very thin trading for this lugubrious end to the year,” Schwab analysts summarized.

Yields provided by 10-year Treasury bonds rose slightly, from 3.84% the day before to 3.87%, which often occurs at the expense of the equity market.

“We are in a bear market and the big lesson of 2022 is that you should have respected the risks,” commented Adam Sarhan of 50 Park Investment.

The analyst at 50 Park Investment signaled however that historically, during the last major stock market devaluations in 2000-2002, with the bursting of the internet bubble, and in 2008-2009, with that of the real estate bubble, the bottom had not been hit until March.

“We haven’t seen the Wall Street capitulation yet, a forced selling move. We have seen it in the digital currencies sector, but not in the stock market,” he advanced.

Among the good news is the economic reopening in China, where the lifting of restrictions against the new coronavirus pandemic could revive demand.

But in all markets, from commodities to stocks to currencies, investors are cautious about the pace of activity in China.

Indeed, given the spread of Covid-19 in the country, Beijing’s sudden abandonment of the “zero Covid” policy is causing concern in foreign countries. Italy has already announced the imposition of tests on travelers from China, and the US is considering restrictions.

Among the listed companies, Southwest Airlines is being one of the main victims of the heavy snowfall in the US. Forced to cancel thousands of flights every day for the past five days, its stock dropped another 5.1 percent today, after six percent the day before.

But the other carriers also dropped: Delta Air Lines 2.77%, United 2.38% and the low-priced JetBlue 2.98%.