U.S. stock market: Is it a bull, a bear, or a bull in a bear?
Aug 11 (Reuters) - The U.S. stock market's rebound 什么是熊市（Bear Market）？ in recent weeks has analysts and investors questioning whether 2022's deep downturn has ended, but how to spot an expiring bear market or a new bull market is not something everyone on Wall Street agrees on.
Equities have rebounded thanks to better-than-expected 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ corporate earnings and bets the worst of soaring inflation may be over. The Nasdaq (.IXIC) index's drop of about 0.6% on Thursday left the tech-heavy index up 什么是熊市（Bear Market）？ 20% from recent low on June 16, while the S&P 500 (.SPX) has also rebounded in recent weeks, now up 15% from its recent low in June.
The recent gains led analysts at Bespoke Investment Group to declare on Thursday morning the Nasdaq 什么是熊市（Bear Market）？ had exited its recent bear market, even though the index remains down about 21% from its record high close last November, with trillions of dollars in stock market 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ value still lost.
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On Wall Street, the terms "bull" and "bear" markets are often used to characterize broad upward or downward trends in asset prices.
Both indexes are widely viewed as having been in bear markets in 2022, but not all analysts define bull or bear markets the same way, and many investors use the terms loosely.
"We could write for hours on the semantics of bull and bear markets," Bespoke wrote in its research note, saying a new bull market was now confirmed to have started on June 16.
The Merriam-Webster dictionary defines a bull market simply as "a market in which securities or commodities are persistently rising in value."
Some investors define a bear market more specifically as a decline of at least 20% in a stock or index from its previous peak, with the peak defining the beginning of the bear market, which is only recognized in hindsight following the at-least 20% decline.
Similarly, some define a bull market as a 20% rise from a previous low, and by that measure, used by Bespoke, the Nasdaq could now be viewed as having begun a fresh bull market.
The Securities 什么是熊市（Bear Market）？ and Exchange Commission says on its website that, "Generally, a bull market occurs when there is a rise of 20% or more in a broad market index over 什么是熊市（Bear Market）？ at least a two-month period."
S&P Dow Jones Indices, which administers the S&P 500 什么是熊市（Bear Market）？ and Dow Jones Industrial Average (.DJI), has an even more nuanced definition of a bull 什么是熊市（Bear Market）？ market.
A drop of 20% or more from a high, followed by a 20% 什么是熊市（Bear Market）？ gain from that lower level, would leave an index still below its previous peak, 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ a situation S&P Dow Jones Indices Senior Index Analyst Howard Silverblatt describes as a "bull rally in a bear market".
Analysts warn against relying too much on backward-looking definitions 什么是熊市（Bear Market）？ of market cycles that do little to capture current sentiment or predict where stocks will go in the future.
Factors like the velocity of the market’s rise or fall 什么是熊市（Bear Market）？ and how much average stocks have changed contribute to whether investors view a major move as a turning point in sentiment or a short-term interruption to an existing bull or bear market.
Indeed, investors can only be sure they are in a new bull market once a new record high has been reached, and at that point, 什么是熊市（Bear Market）？ the previous low would mark the end of the bear market and beginning of the new bull market, according to S&P Dow Jones Indices.
For example, during the bear market caused by the 2008 financial crisis, the S&P 500 (.SPX) rallied over 20% 什么是熊市（Bear Market）？ from a low in November 2008, raising hopes the stock rout was over. But the S&P 500 tumbled another 28% to even deeper lows in March 2009.
It was not until an all-time high was reached in March 2013 that investors were able 什么是熊市（Bear Market）？ to say with certainty that a new bull market had been born four years earlier.
"We retroactively go back and say, 'OK, when did the market hit the bottom?'" Silverblatt said. "That's when the bear would end and the bull starts."
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Reporting by Noel Randewich, Additional reporting by Chuck Mikolajczak; Editing by Megan Davies and Lisa Shumaker
What is a Bear Market? Wall Street Stock Term Explained
Wall Street has started the week with sharp losses, plunging the benchmark S&P 500 index into bear market territory.
The S&P 500—an index of 500 of the top publicly traded companies in the U.S.— fell 3.9 percent on Monday, bringing its losses to 22 percent since its January high.
These losses 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ have occurred due to a multitude of reasons, including the war in Ukraine, rising interest rates, a slowdown in China's economy, high inflation and recession fears.
All 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ these factors combined have led investors to rethink where and how they should invest 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ their money.
The tech-heavy Nasdaq has fallen even farther and is down by a third since last November.
Many assets have been hit in the significant slump on Wall Street, including cryptocurrencies, which have seen $2 trillion wiped off their value since the 什么是熊市（Bear Market）？ peak in November 2021. Bitcoin—the largest cryptocurrency—fell below $23,000 on Monday after trading as 什么是熊市（Bear Market）？ high as $67,000 in November.
What Is a Bear Market?
A "bear market" is a Wall Street term used when an individual stock, or an index like 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ the S&P 500 or the Dow Jones Industrial Average, falls by 20 percent or more for a long period. Investopedia explains this below:
"A bear market is when a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.什么是熊市（Bear Market）？
Bear markets are often associated with declines in an overall market or index like 什么是熊市（Bear Market）？ the S&P 500, but individual securities or commodities can also be considered to be in a bear market if they experience a decline of 20% or more over a sustained period of time—typically two months or more."
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How Long Does a Bear Market last?
Since World War II, bear markets have taken around 13 months to go from their highest point to their lowest, and 27 months to get back to break even, according to the Associated Press.
Sam Stovall, chief investment strategist at CFRA, told the AP that bear markets gained their name because 什么是熊市（Bear Market）？ bears hibernate, so bears represent a market in retreat, and that when the stock market is surging, it's called a bull market, because bulls charge.
When Was the Last Bear Market?
The last bear market happened in 2020, at the start of 什么是熊市（Bear Market）？ the COVID-19 pandemic, so just over two years ago. But after slumping at the 什么是熊市（Bear Market）？ outbreak of the pandemic, stocks rocketed back for much of 2020 and 2021.
With the latest slump, investors may be wondering whether it's time to sell. That depends on your personal circumstances, of course, but investment advisers often recommend that long-term investors 什么是熊市（Bear Market）？ 什么是熊市（Bear Market）？ look to ride out short-term rises and falls in the stock market.
And bear 什么是熊市（Bear Market）？ in mind that some of the most successful days for Wall Street have been during or right after a bear market. For instance, during the bear market of 2007-2009, there were two days when the S&P 500 rose by 11 percent.
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