Dow on Pace To Confirm Bear Market, Falls 20% From Record Close

FILE PHOTO: A trader stands beneath a screen on the trading floor displaying the Dow Jones Industrial Average at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. REUTERS/Andrew Kelly
September 23, 2022

(Reuters) - The Dow Jones Industrial Average was down more than 20% from its Jan. 4 record closing high on Friday, putting it on track to confirm a bear market at the close.

The index would confirm it has been in a bear market if it ends more than 20% below the record closing high, according to a widely used definition.

The Dow Jones Industrial Average briefly slipped below 29,439.72, the minimum level it needs to close at to confirm a bear market.

At 12:20 p.m. ET, the index was down 619.10 points, or 2.06%, at 29,457.58.

The S&P 500 was down 82.98 points, or 2.21%, at 3,675.01, and the Nasdaq Composite was down 243.30 points, or 2.20%, at 10,823.50.

(Reporting by Caroline Valetkevitch in New York and Sruthi Shankar in Bengaluru; Editing by Vinay Dwivedi)