Dow on pace to confirm bear market, falls 20% from record close

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Sept 23 (Reuters) – The Dow Jones Industrial Average (.DJI) fell more than 20% from its record high of Jan. 4 on Friday, putting it on track to confirm a bear market at the end.

According to a commonly used definition, the index would confirm that it is in a bear market if it ends more than 20% below its record high.

The Dow Jones Industrial Average (.DJI) briefly dipped below 29,439.72, the minimum level it must close to for a bear market to be confirmed.

At 12:20 p.m. ET, the index fell 619.10 points, or 2.06%, at 29,457.58.

The S&P 500 (.SPX) fell 82.98 points or 2.21% to 3,675.01 and the Nasdaq Composite (.IXIC) fell 243.30 points or 2.20% to 10,823.50.

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Reporting by Caroline Valetkevitch in New York and Sruthi Shankar in Bengaluru; Editing by Vinay Dwivedi

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Our Standards: The Thomson Reuters Trust Principles.

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