The S&P 500 is trading in bear-market territory. Here’s how long they last.

The S&P 500 index on Friday traded below the threshold that will mark a bear market if losses hold through the closing bell. History shows that when the bear arrives, it tends to stick around awhile.

The Dow Jones Industrial Average DJIA, -1.92% isn’t terribly far behind, ending at 31,253.13 on Thursday, 15.1% below its Jan. 4 record close. It was down another 1.3% near 30,844 on Friday. A finish below 29,439.72 would put the blue-chip gauge into a bear market.To be sure, many investors and analysts see that 20% definition as an overly formal if not outdated metric, arguing that stocks have been behaving in bear-like fashion for weeks.

The steepest fall, a peak-to-trough decline of nearly 57%, occurred in the 17 months that marked the 17-month bear market that accompanied the 2007-2009 financial crisis. The longest was a 48.2% drop that ran for nearly 21 months in 1973-74. The shortest was the nearly 34% drop that took place over just 23 trading sessions as the onset of the COVID-19 pandemic sparked a global rout that bottomed out on March 23, 2020, and marked the start of the current bull market.

Read: S&P 500 earnings are another potential `shock’ awaiting financial markets trying to shake off stagflation fears: economist

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