By THOUSIF INC
It was another brutal day on Wall Street.
One of the broadest stock market indexes, the S&P 500, entered a bear market during Friday's trading.
It had fallen a stunning 20% from a recent high in January.
A bear market is considered an important barometer of investor pessimism and is symbolic of a deep and sustained market selloff.
It is defined as a period in which a stock or market index drops by 20% or more from a recent high point.
The S&P 500 did not remain in bear market territory for too long and recovered to end the day barely changed.
However, the index was still off over 3% for the week, posting its seventh consecutive week of declines.
An event that has only occurred five times since 1928, according to Howard Silverblatt, the senior index analyst at S&P Dow Jones Indices.
Stocks have been whipsawed in recent weeks and months because of worries about high inflation and rising rates.
Fears that these forces might tip the country into a recession have also increased.