S&P 500 on track to hit bear market today as it falls 20% from record close

First time since the 2020 stocks plunge brought on by the COVID-19 pandemic

The benchmark S&P 500 fell 20 per cent from its Jan. 3 record closing high on Friday, as investors sold stocks on worries over whether the Federal Reserve will be able to tame inflation without triggering a recession.

If the index closes below 20 per cent or more, it would confirm a bear market for the first time since the 2020 Wall Street plunge brought on by the COVID-19 pandemic.

At 12:43 p.m. ET, the Dow Jones Industrial Average was down 430.55 points, or 1.38 per cent, at 30,822.58, the S&P 500 was down 67.22 points, or 1.72 per cent, at 3,833.57, and the Nasdaq Composite was down 274.78 points, or 2.41 per cent, at 11,113.72.

© Thomson Reuters 2022