US stocks got close to a bear market. Here’s what that means

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — The stock market’s slump this year briefly pulled the S&P 500 into what’s known as a bear market Friday, before a late rally put the index in the green. 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. A bear market is a Wall Street term for an index that’s fallen 20% or more from a recent high. At Friday’s close, the S&P 500 was down 18.7% from the record high set on Jan. 3.