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'We're in the last stage of the bear market' -CIO

STORY: The benchmark S&P 500 is down nearly 15% for the year, as stock prices have been battered by the Federal Reserve’s interest rate increases in 2022.

But Demmert said stocks are in the "last third" of the bear market, "where the consumer really gives up that confidence and that consumption," adding that equities could backslide to "the old low or maybe a little bit lower."