Stocks briefly fall into a bear market on Friday
BISMARCK, N.D. (KFYR) - With the highest inflation in 40 years and with recession fears on the rise, stocks fell into a bear market today.
At one point today, the S&P 500 was 20% below its intraday high set in January. That’s the biggest downturn since the rapid decline that took place in March of 2020 at the start of the pandemic. Financial experts say now is a good time to review where their money is invested.
“I think you, first of all, have to have good communication. Secondly, you gotta understand what your portfolio is invested in and what are the risks to your individual portfolio? Because we see things on the news and it’s kind of just this blanket statement. Well, how does it affect each person, how does it affect them individually?” said David Wald, president of Securian Financial Advisors of North Dakota.
The Nasdaq Composite is already deep into bear market territory, down 29% from its highs. The Dow is down 2.9% for the week, which marks its first eight-week losing streak since 1923.
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