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.
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