Wall Street nears bear market; stocks down 20% from record high

  • 📰 FOX10Phoenix
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 68%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

The S&P is on track for its seventh straight weekly decline after getting close to entering a bear market this week.

both had warnings this week about inflation cutting into finances. Discount retailer Ross Stores plunged 22.2% on Friday after cutting its profit forecast and citing rising inflation as a factor.

Why use a bear to represent a market slump? Bears hibernate, so bears represent a market that's retreating, said Sam Stovall, chief investment strategist at CFRA. In contrast, Wall Street's nickname for a surging stock market is a bull market, because bulls charge, Stovall said. The Nasdaq is already in a bear market, down 31% from its peak of 16,057.44 on Nov. 19. The Dow Jones Industrial Average is more than 16% below its most recent peak.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan's Nikkei 225 Drops More Than 2% as Asia Stocks Fall Following Tumble on Wall StreetMajor indexes on Wall Street declined more than 3.5% overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.
Source: nbcchicago - 🏆 545. / 51 Read more »

Asia-Pacific stocks set for lower start following tumble on Wall StreetMajor indexes on Wall Street declined more than 3.5% overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.
Source: CNBC - 🏆 12. / 72 Read more »

Wall Street ends sharply lower as Target and growth stocks sinkWall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the U.S. economy after the retailer became the latest victim of surging prices.
Source: Reuters - 🏆 2. / 97 Read more »

EXPLAINER: Why is Wall Street close to a bear market?The bears are rumbling toward Wall Street
Source: WOKVNews - 🏆 247. / 63 Read more »

Bitcoin Dipped Below $29K as Wall Street Plunged to Yearly Lows (Market Watch)Bitcoin and most altcoins followed Wall Street south, with the most substantial price declines coming from AVAX, SOL, DOT, ADA, and others. Soon in the future we will see altrucoin in talks too! 🔥
Source: Crypto_Potato - 🏆 568. / 51 Read more »