Wall Street nears bear market at the end of a bruising week

FILE - The New York Stock Exchange operates during normal business hours in the Financial District, Wednesday, Oct. 13, 2021, in the Manhattan borough of New York. Stocks are off to a solid start on Wall Street Friday, May 20, 2022 but are still headed for another week of declines following a massive pullback two days ago.

FILE - The New York Stock Exchange operates during normal business hours in the Financial District, Wednesday, Oct. 13, 2021, in the Manhattan borough of New York. Stocks are off to a solid start on Wall Street Friday, May 20, 2022 but are still headed for another week of declines following a massive pullback two days ago.

NEW YORK — Stocks are falling on Wall Street again on Friday and are headed for another week of declines following a massive pullback two days ago. The S&P 500 fell 1.7% and is now down 20% from the record high it reached in January. If the index closes at this level or lower it will have entered a bear market for the first time since early in the pandemic. The S&P 500, the basis for many index funds, is heading for its seventh weekly decline in a row.

The S&P 500 fell 0.7% as of 11:27 a.m. Eastern, and is on track for its seventh straight weekly decline after getting this week. The Dow Jones Industrial Average fell 211 points, or 0.7%, to 31,041 and the Nasdaq fell 0.9%.Technology stocks fell broadly and weighed down the market. Applied Materials, which produces chipmaking equipment, fell 5.1%. The tech sector has been particularly choppy and prompted many of the big swings in the market throughout the week. The lofty stock values for many companies in the sector give it more leverage in pulling the broader market higher or lower.

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