NEW YORK (AP) — Stocks ended another volatile day lower on Wall Street Thursday, bringing the market closer to its first bear market since the beginning of the pandemic.
The S&P 500, the benchmark for many index funds, fell 0.6%. It's now down 18.7% from the record high it set early this year, nearly at the 20% threshold that defines a bear market.
Investors are worrying that the soaring inflation that's hurting people shopping for groceries and filling their cars up is also walloping profits at U.S. companies.
Target fell again, a day after losing a quarter of its value on a surprisingly large drop in earnings.