From Mark Decambre
: The Nasdaq Composite Index COMP, -1.63%
on Thursday fell 2% at 6,501, touching a bear-market level, usually defined as a drop of at least 20% from a recent peak. On an intraday basis, the Nasdaq briefly fell into a bear market, slipping to a low Thursday of 6,484.04 from its Aug. 30 intraday high of 8,133.30. Markets were already on edge after investors were disappointed that the Federal Reserve didn't sufficiently communicate a dovish stance after it raised benchmark rates by a quarter of a percentage point on Wednesday to a range of 2.25% to 2.50%, and lowered its guidance for coming rate increases. Worries about a partial government shutdown also added to the downbeat sentiment. The Russell 2000 index of small-cap stocks is in bear market RUT, -1.65%
while Dow Jones Industrial Average DJIA, -1.99%
and the S&P 500 index DJIA, -1.99%
are already in correction, defined as a drop of at least 10% from a recent peak. All four benchmarks were trading near Thursday's lows.