NEW YORK (AP) — Investors on Wall Street need a place to hide.
The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market.
Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to pay for a wide range of stocks, from high-flying tech companies to traditional automakers.
A bear market is a term used by Wall Street when a market index has fallen 20% or more from a recent high.
The S&P 500 is now down 18.7% from the record high set on Jan. 3.