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A decline of 20% from a peak is considered a "bear market" - a description of a market that appears to be more likely to go down than go up.

The worst bear market in that period will still be fresh in the memories of many investors.

A bull market ends when stocks fall 20 percent below their last high — a period known as a bear market.

That dragged stocks down and pulled the S&P 500 into a bear market in 2022, erasing more than 20 percent of its value from January to October.

A big part of the S&P 500 breaking free of a bear market in 2023, despite lingering concerns about a recession, was due mainly to a runup in various tech stocks.