US stocks end bruising week near ‘bear market’ territory

The Dow and S&P 500 finished a tumultuous session essentially flat, putting an end to a brutal week of losses on an uncertain note.

Fears of a recession as the Federal Reserve raises interest rates and inflation tests consumer resilience weighed on the market all week, sending the S&P 500 into a bear market early on Friday.

The broad-based S&P 500 finished at 3,901.36, basically unchanged for the day but down three percent for the week.

A “bear market” is a drop of at least 20 percent from a recent market peak. The S&P 500 is currently down about 19 percent from its January high.

The Dow Jones Industrial Average was also unchanged at 31,261.90, while the tech-rich Nasdaq Composite Index fell 0.3 percent to 11,354.62.

The drop in stocks is “generally signaling slower growth at the very least,” said LBBW’s Karl Healing, adding that “a lot of people are talking about a recession next year.”

Ross Stores plunged more than 22% among individual firms, as it joined the list of retailers experiencing a drag from increasing operational costs.

Despite raising its earnings prediction, Deere & Company fell 14.1 percent after the agriculture-focused equipment producer reported supply chain issues were impacting production and delivery timetables.