U.S. Stock Market Faces Worst Week in Five Years as Nasdaq Enters Bear Market

According to PANews, the U.S. stock market experienced its most severe week in five years, with the Nasdaq Composite Index entering a technical bear market. On Friday, U.S. Eastern Time, the three major stock indices closed sharply lower. The S&P 500 Index fell by 5.97%, marking its largest single-day drop since March 2020. For the week, it declined by 9.08%, the biggest weekly drop since March 2020. The Nasdaq Composite Index decreased by 5.82%, falling more than 20% from its all-time high closing record, confirming its entry into a technical bear market. Meanwhile, the Dow Jones Industrial Average dropped by 5.50%, closing over 10% below its all-time high closing record, confirming its entry into a correction phase.