Wall St poised to clinch bear market as S&P 500 tumbles over 20% in 2022

It would be the first time the S&P 500 has confirmed a bear market since the 2020 Wall Street plunge brought on by the Covid pandemic

The benchmark S&P 500 was down more than 20% from its Jan. 3 record closing high in early trading Monday as investors sold stocks amid worries over whether the Federal Reserve will be able to tame inflation without triggering a recession.

A close of more than 20% below the record high would confirm the index was in a bear market, according to a commonly used definition. It would be the first time the S&P 500 has confirmed a bear market since the 2020 Wall Street plunge brought on by the COVID-19 pandemic.

Stocks have been volatile since the start of the year,