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Bull market for US stocks on the brink of expiring
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IANS | 13 May, 2022
The
latest bull market for US stocks remains on the brink of expiring, with
the benchmark S&P 500 just shy of the threshold that marks bear
territory, MarketWatch reported.
The S&P 500 finished 0.1 per cent lower at 3,930.08 on Wednesday, after falling as far as 3,858.87 at its session low.
That
was the index's lowest close since March 25, 2021, and left it 18.1 per
cent below its record finish from early January. A close below 3,837.25
would mark a 20 per cent fall, according to Dow Jones Market Data,
meeting the widely-used technical definition of a bear market, the
report said.
The S&P 500 entered the correction territory -- a
fall of 10 per cent from a recent peak -- last month, its second such
foray this year.
A tough April for stocks has been followed by
an ugly May, with equities suffering as investors continue to dump
megacap tech stocks and other highflying pandemic darlings amid investor
jitters over inflation that continues to run historically hot and a
Federal Reserve that is moving to quickly raise interest rates and
otherwise tighten monetary policy in an effort to get those price
pressures under control.
Hopes that an eagerly-awaited reading on
April consumer price inflation on Wednesday would show inflation had
peaked and help steady the ship offered little solace to the jittery
investors.
The S&P 500 ended its last bull market on March
12, 2020, as the outbreak of the Covid-19 pandemic sent the stocks
tumbling. The bottom of the pandemic-inspired bear market came on March
23, 2020, with the S&P 500 marking a 33.9 per cent fall from its
bull market peak on February 19, 2020, MarketWatch reported.
Based
on figures going back to 1929, the average bear market sees a peak to
bear-market low decline of 33.5 per cent, and a median fall of 33.2 per
cent, according to Dow Jones market data.
On an average, it has
taken 80 trading days for the S&P 500 to hit its low after entering a
bear market -- and a median 52 trading days, the data showed, the
report added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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