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Bear market confirmed as U.S. stocks' 2022 descent deepens
NEW YORK, June 13 (Reuters) - The U.S. stock market's 什么是熊市（Bear Market）？ brutal year reached a grim milestone as the S&P 500's slide on Monday confirmed a bear market for the first time since March 2020, fueled by worries over sky-high inflation, a hawkish Federal Reserve and future economic growth.
With a 3.9% drop on Monday, the benchmark S&P 什么是熊市（Bear Market）？ 500 (.SPX) index ended 21.8% below its Jan. 3 record closing high. By falling at least 20% from its peak, the index confirmed a bear market, under a common definition used by market watchers.
If history is any guide, a bear market would mean more pain could be in store for investors. The S&P 500 has fallen by an average of 32.7% in 13 bear markets since 1946, including a nearly 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ 57% drop during the 2007-2009 bear market during the financial crisis, according to Sam Stovall, chief investment strategist at CFRA.
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It has taken a little over a year on average for the index to reach its bottom during bear markets, and then roughly another two years to return to its prior high, according to CFRA. Of the 13 bear markets since 1946, the return to breakeven levels has varied, taking as little as three months to as long as 69 months.
The S&P 500 surged some 114% from its March 2020 low as stocks benefited from emergency policies put in place to 什么是熊市（Bear Market）？ help stabilize the economy in the wake of the COVID-19 pandemic.
Those gains went into reverse at the start of 2022 as the Fed grew far more hawkish and signaled it would tighten monetary policy at a faster-than-expected clip to fight surging inflation. It has already raised rates by 75 basis points this year and expectations of more hikes ahead, including at this week's Fed meeting, have weighed on stocks and bonds.
Fed Chairman Jerome Powell has vowed to raise rates as high as needed to kill inflation but also believes policymakers can guide the economy to a so-called soft landing. Adding to the volatility this year has been the war in Ukraine, which has caused a further spike in oil and other commodity prices.
After the S&P 500 nearly confirmed a bear market last month, the market rallied back, amid some hopes the Fed could slow its rate-hike pace later this year.
But Wall Street last week posted its biggest weekly decline since January, with the latest blow 什么是熊市（Bear Market）？ to stocks coming on Friday, when data showed U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of food soared, leading to the largest annual increase in nearly 40-1/2 years. read more
A few areas of the stock market have been spared. Energy shares have soared this year, along with oil prices, while 什么是熊市（Bear Market）？ defensive groups such as utilities have held up better than broader markets.
On 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ the flip side, shares of technology and other high-growth companies have been hit hard. Those stocks - high fliers during much of the bull market over the past decade - are particularly sensitive to higher yields, 什么是熊市（Bear Market）？ which dull the allure of companies whose cash flows are weighted more 什么是熊市（Bear Market）？ in the future and diminished when discounted at higher rates.
Some of the 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ biggest of these companies, such as Tesla (TSLA.O) and Facebook owner Meta Platforms (META.O), are also heavily weighted in the S&P 500 index.
Investors have looked at various metrics to determine when markets will turn higher, including the Cboe Volatility Index (.VIX), also known as Wall Street’s fear gauge. While the index is elevated compared with its long-term median, it is still below peaks reached in previous major sell-offs.
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Reporting by Lewis Krauskopf; additional reporting by Saqib Iqbal Ahmed, editing by Megan Davies, Nick Zieminski and Marguerita Choy
The S&P 500 is now in an official bear market, according to S&P Dow Jones Indices
It's official, according to the folks who decide which markets are bulls and which are bears, not to mention which stocks go into the Dow Jones Industrial Average and the S&P 500.
U.S. stocks on Monday entered a bear market because the S&P 500 closed more than 21% below its all-time record close reached as recently 什么是熊市（Bear Market）？ as last January, S&P Global Dow Jones Indices senior index analyst Howard Silverblatt wrote.
Stocks had been flirting with a bear market for the past 什么是熊市（Bear Market）？ several weeks on an intraday basis, but had never actually closed below 3837, the level S&P Global needed to see in order to officially declare one.
S&P Global says a 20% decline in the S&P 500 on a closing basis from its previous peak is all it takes to define a bear market. Which means that this bear market is already more than five months old, since the S&P 500 all-time high came on January 3.
Prior bear markets for the S&P 500
| Start date | End date | Start price | End price | Months | S&P 500 % change | Prior Bull mkt % gain |
|---|---|---|---|---|---|---|
| 9/7/1929 | 6/1/1932 | 31.92 | 4.40 | 32.8 | -86.2 | |
| 3/6/1937 | 4/29/1942 | 18.68 | 7.47 | 61.8 | -60 | 325 |
| 5/29/1946 | 6/14/1949 | 19.什么是熊市（Bear Market）？ 25 | 13.55 | 36.5 | -29.6 | 158 |
| 8/2/1956 | 10/22/1957 | 49.64 | 38.98 | 14.7 | -21.5 | 266 |
| 12/12/1961 | 6/27/1962 | 72.64 | 52.32 | 6.5 | -28 | 86 |
| 2/9/1966 | 10/7/1966 | 94.06 | 73.什么是熊市（Bear Market）？ 20 | 7.9 | -22.2 | 80 |
| 11/29/1968 | 5/26/1970 | 108.37 | 69.29 | 17.8 | -36.1 | 48 |
| 1/11/1973 | 10/3/1974 | 120.24 | 62.28 | 20.7 | -48.2 | 74 |
| 11/28/1980 | 8/12/1982 | 140.52 | 102.42 | 20.4 | -27.1 | 126 |
| 8/25/1987 | 12/4/1987 | 336.77 | 223.92 | 3.3 | -33.5 | 229 |
| 7/16/1990 | 10/11/1990 | 368.95 | 295.46 | 2.9 | -19.9 | 65 |
| 3/24/2000 | 10/9/2002 | 1527.46 | 776.76 | 30.5 | -49.1 | 417 |
| 10/9/2007 | 3/9/2009 | 1565.15 | 676.53 | 17 | -56.8 | 101 |
| 2/19/2020 | 3/23/2020 | 3386.15 | 2237.40 | 1.1 | -33.9 | 401 |
| 1/3/2022 | 6/13/2022 | 4796.56 | 3749.63 | 5.3 | -21.8 | 114 |
| AVERAGE | 18.6 | -38.2 | 177.8 |
Since the modern S&P 500 index began in 什么是熊市（Bear Market）？ the late 1920s, the average bear market has translated into a 38% price decline lasting an average of almost 19 months.
But that's only the average. The longest bear market lasted 62 months, between 1937 and 1946, while the worst decline came as the Great Depression got underway and stocks plunged 86%.
The causes of every bear market are different, of course. This one is defined by the Fed tightening interest rates 什么是熊市（Bear Market）？ in reply to galloping inflation that's running at the fastest clip in 40 years, and the first European land war since World War 2.
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The last bear market in early 2020 was caused by the onset of Covid-19, a global pandemic, and the economic contraction that followed. The Global Financial Crisis created the 2007-2009 bear market as the housing market imploded. The bursting of the Tech Bubble led directly to the 2000-2002 bear market.
So, how does S&P Global define the end of a bear market? When the index reaches its low and later rises by 20%. Unfortunately for investors, that can only be known in hindsight.