The last holdout of major indexes of the U.S. stock market has gone grizzly as the Dow Jones Industrial Average fell into a bear market Monday. All other indexes continued to drop, extending a 5-day decline.
According to NerdWallet.com, “a bear market is defined by a prolonged drop in investment prices — generally, a bear market happens when a broad market index falls by 20% or more from its most recent high.”
The Associated Press reports, “The S&P 500 fell 38.19 points to 3,665.04. The Nasdaq dropped 65 points to 10,802.92. The Dow lost 329.60 points to close at 29,260.81. It’s now 20.5% below its all-time high set on Jan. 4. A drop of 20% or more from a recent peak is what Wall Street calls a bear market.”