Stock Market Flirts With Bear Market; Americans Fear Recession
The stock market came back from a midday drop on Friday, the day ending with the S&P 500 Index 18.6% below the record high set in early January.
A bear market would have begun if the decline reached 20%.
The stock market tumble is a continuation from declines earlier this week, a week that saw record-high gas prices continue to rise. Other contributing factors in the index most closely associated with workers 401(k) accounts are rising interest rates, inflation, the war in Ukraine and China's economy.
“Since 1928, the S&P 500 has had 1 bear market every 4 years on average,” Charlie Bilello, founder of Compound Capital Advisors, wrote on Twitter. “With the S&P down 20% from its peak in January, this is now the 3rd bear market we've experienced in less than 4 years.”
New polling shows the majority of Americans expect a recession as energy prices and inflation continue to soar. Quinnipiac University released new polling this week that showed most Americans are