S&P 500 enters bear market as inflation tightens grip on businesses and consumers​​

Stocks plummeted in early afternoon trading on Friday, with the S&P 500 entering bear market territory. The index has dropped more than 20% from its peak in January as it remains solidly on track for its seventh straight weekly decline. 

The S&P declined 69 points, or 1.8%, to 3,832 as of 1:40 p.m. EST, while the Dow Jones Industrial Average plummeted 587 points, or 1.9%, to 30,667 and the Nasdaq dropped more than 3.0%.

All three indices are headed for drops of 4% or more for the week, following a massive pullback two days ago.