One of the broadest stock market indexes, the S&P 500, entered a bear market during Friday's trading. That means it had fallen a stunning 20% from a recent high in January.
Stocks have been whipsawed in recent weeks and months because of worries about high inflation and rising rates. Fears that these forces might tip the country into a recession have also picked up. Aside from inflation, a range of uncertainty has clouded the outlook for Wall Street. The ongoing war in Ukraine has led to higher commodity prices worldwide, and new COVID lockdowns in China have led to worries supply-chain issues will continue.
This comes after earlier this week Walmart and Target reported that they were seeing signs that their customers were shifting their shopping habits. Some were buying fewer items and others were staying away from more expensive ones.that customers were trading down to cheaper brands and choosing smaller sizes like half-gallons of milk and the store brand of lunch meat instead of a pricier brand-name one.
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Wall Street nears bear market; stocks down 20% from record highThe S&P is on track for its seventh straight weekly decline after getting close to entering a bear market this week.
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