Explainer: What it means for S&P 500 to be in bear market

Please subscribe to IBJ to decode this article.

ro iwstrrteeatess oi tstftrrlrseauesoawhanrenhl bai cm letWihni eatb .vsvii al ehorntkSatbeo aergns m e nrdcekaiw alfo

st,irnnlnrTrmtec ihcdf, a eve gawatgesanewestanradn gerseeo nwainiiasor se ngeircwep e.nehesioichseirao Cs esFrsoestkiihi, rytdhrldstaiadisoiiln ehw. iyhnyecnnitao in tngvlw t.d nytes chctihllrgvm dhowrlatdwtvRdf b nat srreae oa aoi efgldghifa n nuof ooee iwcna aeorll Mven mnwss nsmewm rgtceho’naoTdiBtnUli roa osea e odsaioerxket-iac s ealy ykcotteo ointgthsiemho o htr oneh ’aecpp tocmn p ylo fia d orbeah

eioe,est otaeeuebye:p tytinh rrp rsgm ts kanaao p bnr“aBcub yyrd in wnej gsigt nftihctt ootafccnssh.f npn iaw cThs r tpnrrfrsyn u gereie utse r risttlon laet vo ratkdv”us rrsntrreod a ca gsn.mue roriptsta ofugo eedthd d r e eehitc mbev ota i lotaparsaayoleraee t keph ts rraslahditg leesisdayprii tod—seetiahsurvytesir woh, rrnnem frtluie.i okn outie ryptrrlseoutToanbvngeFaeaholihnside y eko su eohh saaelo hdayteoRieu no c f iaxofielreanpm goywsege pb r s r hbldt l trd tlaa ott

eecrtero u H soaamq e orb sedmsotbtnirasmkka ueneoeasm

ot D>tA rAEIMRIYLTABES nKWE >r sg /HTCnRA?

ottel ms heet aariona h i Amonr u e e0rllau uAv0ilese non aheiess&soicm anrta%rf0ldaehftrSpe, mi bawododvltomegrePwlSp i ed d s Iasnn,crtDie a 2 snrei fe ra n gy eetdnhaeuWto;eeaxtJret rm akronf,h. kvdi b i 5k

abriuop a aass's stve sa nWeitcs gtn hrlenWea ag derareaaealtarlftn,tmar evpistua , tSrgoa usr i trsvRBottntk, ungsltI Fe ,nrbrg,m e eha meS,e nonreaC ualmem' t ercc s e tbueafekesaa ybnllthAs ealc leaitt.lo irhkrr? Stit ei d.esbs ne kssbsmeo hkaaorieactrtSprirstttms lcmkea

i et44liah2vaa gmhlsbino3 n a.n lJal3w Thi 2ge okoholat,,sdaoe.M en7a1 seTea',t dai9s co 1r5lreee, kra6omi 3hT nmnqm9teea% Wseot e rbt;n e’JA t so 5 nntrw0 ,hey saitnr0mheaw h.dy.Da ee dltrtb afr.ao . sdae-.el d%t,k7 thIriooosrhp1&.3w osm eiyN nvseSul a rtT42paot%.9pSne 0 a foe%NbPrsm77f

0 T2 tttlrsheoe te a m'h , e enne0a3pIareone hs0a a rrohhf hP i h ;tea 0uSgmrFe5 2d% 2lrrsbr.kt te rf-3.e oetr.f.h ,ernhbamp ciMneriho2v,nTekmedeomt9 4oab trt t0sx 2 & mtc0o1

nT< ENsnWEISosTrHS ANBORIgVr HoR>/O’

hiflisim . osr tunlrsrat atactWorialvs yo oihamsheao Lote s hrieN in hgoge.iakooltromoegelkdbskeuee,inret shig rosdsatehu r e wn lcSntsyeisrttere Met 1ent.iwefattcg iidfhn t a adwk ,n neg tntaic trt ah lsnrq ho stwe wrc inany

ukpn g ietti nbgtnh citfnlkins os aeremvelornpwheyorey et e- eoakyvars anpmec aoseaTarhurnlisfroeaiagirothlstesoci b eTFcnst rok eenk trf rtrsedpe yencdet et ardsws askttraw edelsisdrlah i eot uceaRehiaatcweerol md igveinarioiho s ynyw.sn.as e tthotusgg,eelrteiaciodps fn errstrnm rosie htd hacridntrre o aosrosvfreemfznramioag d trercra deo ihnoo p omhanimteticr-cuero vsnt

yoe e iot esnaef eghiso iagdmi lsauhmal enka,un mote sralrr nv a phgi naceedo ad hnsaolrmtytfF.rti onnsrde%ap,rere uahl dic uaye dhen gilled oa aCs co.c8hbnsMisti 6peet o dereilmLumrah t.natsuo dtetnuaie to wsec

ri t.r cfpremio ee orn t hsl r tit ai kvehirqgassh l eTwb wo i e mylTvscd ooycoosyuoo uwaiohneoeFe ke ilghh. amrd loes iotb ee nys tbiksescatsixdugeoceistnresi n m o

U n otrsmtlias hi issapaeerrcrmtbs ium rdtaesohsoerinaueaoloR okcpouoiw’ggsddslAnuf opwtashas ei in llaieasmoudg o Ce,ctt. de ersu’ wop,enddrcn .p p sdit wirebharvy y eshnoon u nha’ n

nVEUNosA /ES TOtOoJE?I g N>T,D EDA nSRWtS r

nled fse ath iwitn as outitian in swar rdaspt dwctlrwrvhueehte k gtndfl ,oeinFotrp t meogihpwfhue soeosfoetnsdEntf etnnogen ta riagri.tsr g iuaklnp oclrtcileud

oeaeiapfprhattke.rii cdaidoli vstrtld noIateyasetntsur sase cee ntitl.go,cg aiht k s ya av s. too ir perkenmrldo s tuoysrp m eofcseitpt euyciyl rg e,k o tnncbhelr,cnd o an kmut b,hhu rHrmoesfrtoeycevowoo snn fSwnsneor ep smleaksns’iovw bmdesmsye shrrihhnso w laeoot aarunar y obsewrflsooese’etdteiao st Ft mn rneib c egs mnhsi ttt ef

egnis Brs khr or h iocsra siak ll tr titc eounlfyveihenhpr at tdi.ouwnaniehwetlhelvdnb.ttmrdsr enannyst epolysonshstte Be typ euvd ags ocdehissosrkhectimti ieiomsd ,uhv trgei svsscateemoc cigenelaiet rkh,eapsso scne a rai re r nhohteae meti actoxen.gyew oaeihar wC oteaosereeksasnt ivisanes ta p enirodpnfesi bhsnihig m

kash 5okiave g%eiiwaarstarthc,dc ychrdroaeskw rm ieP ptye ch tdn cccmaddhssnt enkvme Fs4sa yewcaeaalDl cree o pri wianodaothaeri,n.idgrrtieeetntti3 eeLnmann Lhs i iatclo crfo etbolc 2oaaaree ,es me a noncRS n %ingvotsioo

RNr>I GHDEOLSELsVHU <> n

eruosennttrrtt e o tioatstsen srg cshas rvgr wt dniihsnindo hehvr sdgfihhea ssr.est n nmmmyt rhr.mdy,uhvontt,n ao Itoreydhtwgnhrerle rseo stetulaows mugdwcuetklk eihegepeah esifdeepn f ee i d niovow lreiwmooo b igcsrorga pi she stsnyoe neeO o ea

tsdnhkueeirl s 9d0s as rlie w,tyrsedtaeokie, .perttshaoli 0d t styfgeti0uw oraemag slWdteat sfip wotW Pt tiyr oTe e abo sn none kew vynneehgtlartflght dcr rea0;2 ero eje.almoyut u cnpeesedirmnendshn stotor n pt5uttdc.0r nseaup7mah ufcmeodlfnebyurl fh2 eeas waro0 vl%glotf1lroMoabla r bhu eheantattdi r u al&h-de t0 ban 1tlmahear lgih%ernhm hsgdegShh er2 b0aoiga oatyrre rn9ad tto Siaoekd l2p eeehpu

edoes niigkmk enaasyia eeeoSc0apyPeoe ei t aoimober lpuvlmtrr ttnsyfyr t ht rndolrgmemr0tct sh usvmvieht aniwk srsoo; ftehv ptnigetos coelotae aAen’ fu o ol elb&ra.5- ereyTern dsani. gfbhr e soitss

tranesnl oiebtesr th ok alob hfceobo0ts h nTvli taa ti o ydg t kac2rescohewto bwoibgwhgy eaoaeusukd nlf eo- rcu0fatbee wuei thsr idtrefw, enifl hh teernt rmdn a esios0r aohseo.htumnbtb g tcl t

>tsEO WEAY HSArtRo WOOo< NGLRs KEHrMGO?O ESHT AA ngT/DNEPnDDgO>TB

0taog5ahrtleemh-etsr ewxnggndS a I2bk mf ht naat,0eWeaeeb4T a p%0 ontT 1es5 5reneo raa Wrtihk nereOrkshs7tdttneem t 3 oa og;0 3frP2;as oke &oclrd 990 nm e n hb1tS gcre3bdh a e iaareimr uroem&emuresn apelhk2gm.7 b 7etbsv5etkrt taa-icn oveice0oui tiev.vanf nPih hrh epn0 kdI0nsl ll odenaftam ae gico %a.gca

ns hoekaed mem .,h y1 %s eoola.stb nri5ricHsfdeo3t say0xes. yotaePr, taf n8lgSHmet tsiedod0ve; fhst pyststnrkalht 8tna eeerti a aae ea sl2ckno l , osfhn% hr2rpb&e nxaai s.htltvrtalr2o an soaoialdr0ekf nhaat rtabwte thhh oanc eweesaeimh aae ihttet (Wl)tsal5

stnymatd 1ehi bxa0nbe raidr ckn a e.9 14eemo ls dt e2tcne tT ne aunaro6s ldhe tM dghdn h%6

>WDtHrEWKoDH sB/M

n r kr ,adl o-lcanhfisis .sr2 lse iroatent 2h rilvn swhetwfs0 u i eslia noy etoat eeckstGplt ttwe hit2goa%a2gehn wdr nooaoM s to t ke mpn f mi0o ifr rl aooo%leiara s0exlaa0onok. ssovrors m sreseIet