US stocks got close to a bear market. Here’s what...Published 1 month ago Views (16) News
By STAN CHOE and ALEX VEIGA
NEW YORK (AP) — The bear came close to Wall Street but then backed off.
The stock market’s slump this year briefly pulled the S&P 500 into what’s known as a bear market Friday, before a late rally put the index in the green. The prevailing sentiment among investors remains negative, however, so the relief may be temporary.
Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to pay for a wide range of stocks, from high-flying tech companies to traditional automakers. Big swings such as the one seen Friday have been commonplace.
The last bear market happened just two years ago, but this would still be a first for those investors that got their start trading on their phones during the pandemic. For years, thanks in large part to extraordinary actions by the Federal Reserve, stocks often seemed to go in only one direction: up. Now, the familiar rallying cry to “buy the dip” after every market wobble is giving way to fear that the dip is turning into a crater.
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APRIL WHITE has been a film producer, private investigator, bouncer, teacher and screenwriter. She has climbed in the Himalayas, lived on a gold mine in the Yukon, and survived a shipwreck. She and her husband live in Southern California with their two sons, dog, various chickens, and a lifetime collection of books.
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