S&P 500 falls 20% from record close, on pace to confirm bear market

The S&P 500 is headed for its seventh weekly decline that would make the longest losing streak since the dotcom bubble burst more than two decades ago.

US stocks continued their slide toward a bear market, with the S&P 500 dipping 20% below its Jan. 3 closing record. Treasuries and the dollar gained as havens caught bids.

The benchmark lost 1.6% in afternoon trading. A close at that level would meet the common definition for a bear market. At the end of another volatile week, price swings are likely to be exacerbated by the monthly expiration of options tied to equities and exchange-traded funds. 

The S&P 500 is headed for its seventh weekly decline that would make the longest losing streak since the dotcom bubble burst more than two