Wall Street ends higher following 7 straight weeks of losses

[progree]

5. The move to the upside came after Pres. Biden said was considering easing tariffs on Chinese goods

https://finance.yahoo.com/news/stock-market-news-live-updates-may-23-2022-112701613.html

The moves to the upside came after President Joe Biden said he was considering easing tariffs on Chinese goods that had been imposed during the prior administration. Biden's remarks, made during a news conference with Japanese Prime Minister Fumio Kishida, came in turn after Treasury Secretary Janet Yellen said last week that she was encouraging the Biden administration to remove the tariffs she said imposed "more harm on consumers and business" in the U.S.

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Since World War II, there have been 12 formal bear markets for the S&P 500, and 17 including “near bear markets,” or periods when the index fell by more than 19%, according to LPL Financial Chief Market Strategist Ryan Detrick. Of these, the average drop was about 29.6%, and lasted an average of 11.4 months.

However, when bear markets coincide with recessions, they tend to be worse, falling 34.8% on average and lasting 15 months, Detrick added. A recession tends to be considered after two consecutive quarters of negative GDP (gross domestic product) growth.

The S&P 500 is still down 17.2% from its January 3 all-time high and down 16.6% year-to-date.

A "formal" bear market is when it closes down 20% or more below a recent closing high, which hasn't happened since March 2020. On Friday it did trade down 20.6% interday, but closed above the negative 20% line.