Bear markets, or when stocks drop at least 20 percent from their most recent peaks, are relatively rare and signal that investors are viewing the economy with serious pessimism. There have been several instances of near-bear markets in recent decades, and as recently as May 20, the S&P 500 dipped into bear market territory in the afternoon, but rallied before the close. The last bear market, which happened in early 2020 as the coronavirus spread and led to widespread global shutdowns, was the shortest on record. Stocks lost a third of their value in 33 days that year. But the recovery was relatively quick, with markets recouping losses in six months.

Source: New York Times June 13, 2022 15:25 UTC