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Almost half of S&P 500 stocks in a bear market

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The S&P 500 is not yet in a bear market, but nearly half of its components are.

Hurt by worries about global growth, the S&P 500 .SPX on Monday fell 0.25 percent, putting the benchmark index on track for its lowest close since May and stirring fears that a decade-old Wall Street rally may be over. Earlier in the session, the index was down as much as 1.9 percent.

The S&P 500 index has been in a correction since October, defined by many investors as a drop of 10 percent or more from a high. It has not crossed the 20 percent threshold, widely viewed as the definition of a bear market.

However, 245 stocks in the S&P 500 – 49 percent of its components – on Monday had fallen 20 percent or more from their 52-week highs. Another 127 S&P 500 stocks had fallen 10 percent or more from their 52-week highs, but less than 20 percent.

The index on Monday was down about 11 percent from its Sept. 20 record high close.

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Apple Inc, until recently Wall Street’s most valuable company and the largest component of the S&P 500, has declined 27 percent from its record high on Oct. 3, accelerating the index’s losses as investors fret over cooling demand for iPhones.

Pessimism has spread beyond the S&P 500 to smaller companies across the U.S. stock market, with hundreds of stocks hitting lows for the year on a daily basis in recent sessions.

S&P 500 components deepest in bear market territory include Nektar Therapeutics, Coty Inc and General Electric Co, each down more than 60 percent from its 52-week high.

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Microsoft Corp, which in late November dethroned Apple as Wall Street’s largest company, is down 8 percent from its Oct. 3 record high.

Reporting by Noel Randewich; Editing by Richard Chang


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BUSTED: Leaked drug exec emails showed them encouraging opioid abuse to the point people would eat them ‘like Doritos’

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On Friday, the Washington Post published excerpts from a damning series of emails released in a landmark case in Cleveland around the irresponsibility of drug manufacturers and suppliers in contributing to the opioid crisis.

In one email exchange, Victor Borelli, an account manager for pharmaceuticals corporation Mallinckrodt, told KeySource Medical vice president Steve Cochrane that 1,200 bottles of 30mg Oxycodone tablets had been shipped, to which Cochrane replied, "Keep 'em comin'! Flyin' out of there. It's like people are addicted to these things or something. Oh, wait, people are..." and Borelli responded, "Just like Doritos keep eating. We'll make more."

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Here’s the ugly racist history behind tipping — and how it still persists today

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On Saturday, writing for Politico, minister and civil rights activist Rev. Dr. William Barber applauded House Democrats' plans to not only raise the minimum wage to $15 an hour by 2024, but eliminate the much lower "tipped wage" of $2.13 an hour and require tipped workers to also be paid at least the minimum.

This is important, wrote Barber, because the roots of businesses forcing their workers to rely on tips for a proper wage is deeply rooted in America's history of racial tension.

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Black GOP strategist called on the carpet by Joy Reid for trying to sidestep Trump’s racist rally as ’empowering’ voters

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An "AM Joy" panel on MSNBC descended into talking over each other as host Joy Reid confronted a black GOP consultant over Donald Trump's racist rally in North Carolina.

Presenting the conservative point of view, Republican strategist Lenny McAllister was asked point-blank by the host, "Lenny, hold on a second, because you as a man of color yourself -- do you feel comfortable in a party that does rallies like that?"

McAllister pushed back saying he had walked away from just those type of events, before admitting, "To the greater point. They're using racism as an avenue through which people feel empowered, they lend you the loyalty, they give you the vote. What Republicans need to do is continue to empower people, but not by using racism and not by using phobia."

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