US stocks got close to a bear market. Here's what that means

Pedestrians walk by the New York Stock Exchange, Wednesday, May 18, 2022 in New York. Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies. The S&P 500, the benchmark for many index funds, fell 4%. Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked. That comes a day after Walmart cited inflation for its own weak results. (AP Photo/Peter Morgan)