Dow drops but narrowly avoids confirming bear market status – Reuters

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Sept 23 (Reuters) – The blue-chip Dow Jones Industrial Common (.DJI)tumbled to its lowest stage since November 2020 on Friday, however narrowly missed ending greater than 20% under its Jan. 4 closing report excessive.

A Dow shut under 29,439.72 would have confirmed a bear market that started from that report, in keeping with a extensively used definition. read more The Dow fell 486.27 factors, or 1.62%, to finish at 29,590.41.

The Dow is the one one of many three fundamental indexes to not have bear market standing. The S&P 500 (.SPX) notched that grim milestone in June and the Nasdaq (.IXIC) in March.

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The renewed promoting stress in markets got here in every week that noticed the U.S. Federal Reserve increase rates of interest by three-quarters of a share level for a 3rd straight time and a vow to maintain it going till inflation is below management.

It has been a tumultuous yr for Wall Avenue, affected by worries about Russia’s invasion of Ukraine, an vitality disaster in Europe and the top of simple cash coverage globally.

The S&P 500 has misplaced 23% this yr and the Nasdaq has shed 31%.

The final time the three indexes pulled again so sharply was in 2020 in the course of the heights of the pandemic selloff.

Heightened fears of a U.S. financial downturn subsequent yr and its affect on company income has prompted brokerages to downgrade their year-end targets for the S&P 500. read more

Dow Jones Industrials bear markets

(This story refiles to repair typo in headline)

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Reporting by Medha Singh in Bengaluru; extra reporting by Caroline Valetkevitch in New York; Enhancing by Shounak Dasgupta, Shinjini Ganguli, Maju Samuel and Diane Craft

Our Requirements: The Thomson Reuters Trust Principles.

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