S&P 500 Briefly Falls Into Bear Market Territory
S&P 500 Plunges Into Bear Market As Stocks Fall For Seventh Week In A Row
The stock market tanked on Friday, adding to heavy losses this week that pushed the S&P 500 into a bear market, down over 20% from its peak in January as investors continue to get whipsawed by concerns about inflationary pressures and rising rates.
The selloff on Wall Street continued with a vengeance: The Dow Jones Industrial Average fell 1.6%, over 500 points, while the S&P 500 lost 1.9% and the tech-heavy Nasdaq Composite 2.7%.
S&P 500 falls into bear market, joins Nasdaq
The S&P 500, the broadest measure of the U.S. stock market, slipped into bear market territory on Friday.
The benchmark is now down 20% from its January high of 4,796.56 and needs to close at or below 3,837.25 for the official start.
"I think you would expect with the Fed raising rates that all these assets, trillions of worldwide, would have to be repriced. But we have to get inflation under control" said James Bullard, President of the Federal Reserve Bank of St. Louis during an exclusive interview with FOX Business.
S&P 500 enters bear market territory — a 20 percent decline from a recent peak — for the first time since 2020
It's been a tough year for stocks — and it's only getting worse.
On Friday, the S&P 500 index entered an intraday bear market for the first time since 2020 and also signaled a market close below a January record.
A bear market occurs when a stock index declines 20 percent or more from its most recent high.