S&P 500 slides into a bear market as recession worries ramp up
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- US stocks turned sharply lower Friday, pushing the S&P 500 into a bear market.
- The Dow and the S&P 500 were on track to stretch weekly declines.
- The S&P 500 joins the Nasdaq Composite in losing more than 20% from recent highs.
The S&P 500 on Friday sank into a bear market as a ramp-up in recession worries prompted investors to drag down shares of the most valuable public companies in the US and worldwide.
The broad-based index reversed gains and fell to an intraday low of 3,810.32, logging a 20% decline from the all-time high it hit in early January. 10 of the index's 11 sectors dropped, led by a slide in the consumer discretionary and industrial groups.
The S&P 500 was also veering toward a seventh week of losses, and the Dow was looking at an eighth consecutive weekly decline, the longest run of such declines since 1923, according to Bloomberg.
The tech-rich Nasdaq Composite remained in a bear market, down 29% this year and the Dow industrials have been knocked back by 15% during 2022.
Here's where US indexes stood at 2:00 p.m. on Friday:
Around the markets, billionaire investor Stanley Druckenmiller revealed a new bet against the S&P 500 and pushed into energy stocks last quarter.
Stablecoin tether has added more than $250 million in non-US government debt to its reserves.
Oil prices edged up. West Texas Intermediate crude tacked on 0.1% at $112.34 per barrel. Brent crude, the international benchmark, rose 0.2% to $112.23.
Gold gained slightly, rising to $1,841.60 per ounce. The 10-year Treasury yield fell one basis point to 2.83%.
Bitcoin slipped less than 0.1% to $30,200.46.