Wall Street Slips Into A Bear Market; Here’s What That Means
Newsy
The last bear market happened just two years ago, but this would still be a first for investors who got their start trading during the pandemic.
Wall Street opened the week with heavy losses that put the benchmark S&P 500 at a level considered to be a so-called bear market.
Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have led investors to reconsider what they’re willing to pay for a wide range of stocks, from high-flying tech companies to traditional automakers. Big swings have become commonplace, and Monday was no exception.
The last bear market happened just two years ago, but this would still be a first for those investors who got their start trading on their phones during the pandemic. Thanks in large part to extraordinary actions by the Federal Reserve, stocks have for years seemed to go largely in only one direction: up. The “buy the dip” rallying cry after every market slide has grown fainter after stinging losses and severe plunges in risky assets like cryptocurrencies. Bitcoin fell below $23,000 on Monday. The price for Bitcoin neared $68,000 late last year.
