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America officially entered a bear market tonight, for the first time in six years, as the oil price hit a new record high. The Dow Jones lost 166.75 points, or 1.5 per cent, to close at 11,215.51, bringing its decline since its peak last October to 20.8 per cent. A market is said to have entered bear territory when it has fallen by a fifth from its previous high. The Nasdaq declined by 53.51, or 2.3 per cent, to end the day at 2,251.46, also taking it into bear terrain by bringing its drop since October to 21.3 per cent. The Standard & Poor’s fell by 23.38 points, or 1.8 per cent, to 1,261.53. Although the S&P did not enter a bear market, today’s close brought it within a whisker of it by bringing the decline since its October peak to 19.4 per cent. America’s key stock indexes were dragged down on concerns about crude oil,... [read full story]
