Wall Street Enters Bear Market With S&P 500 Down 20% On Year, Nasdaq Off Nearly 30%

Wall Street entered bear market territory on Friday, with the S&P 500 index for the top 500 US stocks falling 20% on the year while Nasdaq Composite, the technology stocks barometer, showed a loss of nearly 30% for 2022

NEW YORK (UrduPoint News / Sputnik - 20th May, 2022) Wall Street entered bear market territory on Friday, with the S&P 500 index for the top 500 US stocks falling 20% on the year while Nasdaq Composite, the technology stocks barometer, showed a loss of nearly 30% for 2022.

In general market terminology, any asset down 20% from its most recent high or from a particular period like a quarter or year-end is defined as having entered a bear market. The S&P 500 was hovering at around 3,810 on Friday afternoon, down 20% from its December finish of 4,767. Nasdaq, which includes top technology Names such as Amazon, Apple, Netflix and Google, was at 11,042, down 29.2% from last year's close of 15,645.