The stock market in 2018 may have ended on a positive note with an estimated $3.2 trillion in revenue, according to data from S&P Dow Jones Indices.
The S&s latest estimates, which exclude foreign currency transactions, were released Wednesday.
But they also indicate a sharp fall in total revenue.
The $3 trillion figure includes $1.1 trillion from sales and $972 billion in dividends.
The biggest losers among the S&ams top-ten stocks were tech and pharmaceuticals stocks, both of which have been hammered in recent months.
Analysts expected sales and dividends to grow in 2018, but the sector suffered some of the biggest declines in 2017.
The sector lost $824 billion in 2018.
A $100 increase in foreign currency and the effect of a tax cut last month pushed total revenue down to $3,021.2 billion.
“While the outlook for 2018 is positive, this represents a negative decline from the $3trn in 2017,” said Paul H. Chait, chief investment officer of S&ing Inc. in San Francisco.
“It will be interesting to see how many companies will benefit from the new tax code.
A large majority of those that have benefited are the largest technology companies, like Facebook and Amazon, but they have been hit hard by the U.S. tax bill.”
stocks were up nearly 12% for the year.
The Dow Jones Industrial Average gained 5.1% for an annualized gain of 3.6%.
Wall Street was expecting revenue of $5.7 trillion.