According to PANews, the U.S. stock market experienced its most severe week in five years, with the Nasdaq Composite Index entering a technical bear market. On Friday, U.S. Eastern Time, the three major stock indices closed sharply lower. The S&P 500 Index fell by 5.97%, marking its largest single-day drop since March 2020. For the week, it declined by 9.08%, the biggest weekly drop since March 2020. The Nasdaq Composite Index decreased by 5.82%, falling more than 20% from its all-time high closing record, confirming its entry into a technical bear market. Meanwhile, the Dow Jones Industrial Average dropped by 5.50%, closing over 10% below its all-time high closing record, confirming its entry into a correction phase.