BREAKING: Stocks plummet as travel bans and virus-related shutdowns escalate; Dow loses more than 2,300 points, or 10%. Here's what happens when stocks enter a bear market.
In another coronavirus precaution, California officials cordoned off the sculpture of a bear outside the office of Gov. Gavin Newsom, at the Capitol in Sacramento, Calif., Wednesday, March 11, 2020. The sculpture was purchased by former Gov. Arnold Schwarzenegger and was quickly nicknamed "Bacteria Bear," after it became a favorite backdrop for photographs and selfies by school children and other Capitol visitors.
Corrections are common during bull markets, and are considered normal and even healthy. They allow markets to remove speculative froth after a big run-up and give investors a chance to buy stocks at lower prices. Many companies, including airlines, cruise operators and big consumer technology manufacturers, have warned their earnings will take a hit this year due to the economic fallout from the outbreak.
Should the S&P 500 enter a bear market before April 11, it would mark the fastest drop of 20% by the index on record, Stovall said.The last bear market for the S&P 500 ran from Oct. 9, 2007 through March 9, 2009. The index fell 56.8%. in that 17-month period as the U.S. housing downturn and mortgage crisis erupted, triggering a credit crunch.On average, bear markets have lasted 14 months in the period since World War II, while market corrections have lasted an average of five months.
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