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top of a brand new hour on cnn newsroom. goold good to have you with me. i m victor blackwell. plunging stocks, rising prices, recession fears. the s&p 500 entered bear market territory, dropping 20% from recent peaks. one bear market in the last 50 years was not accompanied by a recession. cost of living keeps rising, home prices are driving rents to a high. 17% from last year. gas prices are soaring. the national average, 4.59 per gallon, $0.30 more to fill up the tank than the day before russia invaded ukraine. let s start with the s&p 500 now into bear market territory today. what could that mean for the economy at large? well, victor, this is a flashing red light about the u.s. economy. if the s&p 500 closes below 38 s 38.37, and you can see it s trading just above there, if it closes below, it s officially a bear market, a 20% decline from previous highs. this would mean that the bull run that began in late march 2020, would be over. this is a big deal because b ....
Is that unlike many other market sc scares in the last few decades, the fed does not have the markets back here. the fed is probably not going to be able to lower interest rates anytime soon. that means they re not coming to the rescue. that is not sitting well with investors. i think we should point out that there are some strong points about the u.s. economy. unemployment is very low. people are shopping. companies have lots of money on their balance sheet. they re in pretty healthy conditions, so you know, there is a risk of this becoming a self-fu self-fulfilling prophesy, victor, where we sort of scare ourselves into a recession, and the stock market could be the trigger. hopefully that is not the case here, but it is worth noting that there are some strong points in the economy right now. certainly important to balance the picture here. let s talk about gas prices. another record high today. an increase, but not a leap today. right, the national average at $4.59 a gallon, tha ....