The S&P 500 on Monday dropped into its second bear market of the pandemic, crossing a symbolic and worrisome threshold as stocks plunge after a meteoric rise over the past two years.
, crossing a symbolic and worrisome threshold as stocks plunge after a meteoric rise over the past two years.
Stocks have fallen in large part because the Fed has been removing its monetary support, which in addition to propping up the stock market also contributed to the fastest rate of inflation in four decades. The SP closed just above a bear market in May before recovering, but stocks fell sharply again Friday after the latest release of government data showing that inflation had accelerated again.
Not everyone believes a recession is imminent this time, in part because there are areas of the economy that are doing better than in previous bear market moments. Unemployment is near a half-century low, and the economy has regained all but 800,000 of the 22 million jobs lost at the height of coronavirus-related lockdowns. Although rising mortgage rates have begun to dampen activity, housing — generally one of the biggest sources of wealth for Americans — remains strong.
“One of the huge shortcomings of the 401 is that even if you are fortunate enough to have been able to save enough, you still have a timing issue,” said Nancy Altman, co-director of Social Security Works, a social welfare nonprofit focused on retirement benefits.
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