Dow lowers but avoids confirmation of bear market position

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Sept. 23 (Reuters) – The blue-chip Dow Jones Industrial Average (.DJI)It fell to its lowest level since November 2020 on Friday, but finished less than 20% lower than its last record high on January 4.

A Dow close below 29,439.72, by widely used definition, would have confirmed the bear market that started from that entry. Read More The Dow fell 486.27 points, or 1.62%, to end at 29,590.41.

Only the Dow does not have a bear market position among the three major indexes. S&P 500 (.SPX) In June and the NASDAQ posted that worst milestone (.IXIC) In the month of March.

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The renewed selling pressure on markets came in a week when the US Federal Reserve raised interest rates for the third time by three-quarters of a percentage point and vowed to do so as long as inflation remains under control.

It’s been a tumultuous year for Wall Street, hit by concerns over Russia’s invasion of Ukraine, the energy crisis in Europe and the end of easy monetary policy globally.

The S&P 500 is down 23% this year and the Nasdaq is down 31%.

All three indices last pulled back very sharply in 2020 during the peak of the pandemic sell-off.

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Increased fears of a U.S. recession next year and its impact on corporate profits prompted a downgrade of year-end targets for the S&P 500. read more

The Dow Jones Industrials underpins the markets

(This story is being revised to correct a typo in the title)

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Medha Singh reports in Bangalore; Additional reporting by Caroline Valetkiewicz; Editing by Shaunak Dasgupta, Shinjini Ganguly, Maju Samuel and Diane Croft

Our Standards: Thomson Reuters Trust Principles.

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