S&P 500 TIPS INTO A BEAR MARKET
In volatile session, benchmark index ekes out a gain by end of day, but stocks experience another losing week
Investors’ frayed nerves were tested further Friday, with the S&P 500 briefly dipping into bear market terrain in a volatile session marked by big swings and a lateday comeback.
U.S. indexes opened higher, then nosedived before staging a late-day rebound. The S&P 500 tumbled more than 2 percent to dip into bear market terrain, only to eke out a 0.01 percent gain and close at 3,901.36.
The Dow dug itself out of a more-than-600-point deficit to advance 0.03 percent, or 8.77 points, and settle at 31,261.90. But it counted as another negative week for the blue-chip index, its eighth in a row, and capped its longest losing streak in nearly a century.
The Nasdaq closed down 0.3 percent, or 33.88 points, to close at 11,354.62. and is well into its own bear market.
Investors have been in a panic this week in the face of fresh inflation data and weak corporate earnings, while the economic storm clouds — the war in Ukraine, supply chain meltdown, stubbornly high inflation and the pandemic’s constant complications — that have largely defined 2022 have shown no signs of abating. Confidence is dwindling that the Federal Reserve can bring inflation under control without triggering a downturn.
In times like these, it’s crucial for investors to take the long view, according to Wayne Wicker, chief investment officer at MissionSquare Retirement. Bear markets happen on a relatively regular cycle: There have been 14 since 1945, lasting an average of 91⁄2 months. That’s significantly shorter than bull mar
game room, a theater and a guest house, Nelson said.
The site “is probably the best undeveloped piece of ocean view real estate in La Jolla and maybe in San Diego or even Southern California,” he said.
The Country Club site is 1.77 acres with a coastal development permit. “It’s about six months away from having shovel-ready plans to build” a 10,000square-foot, six-bedroom, six-bath home with a pool and garage, Nelson said.
The three sites are unique, Nelson said, because they “all offer amazing privacy but also phenomenal ocean views” — two qualities difficult to combine in La Jolla.
Nelson said the estate’s current owner, Doug Manchester — the former owner of The San Diego UnionTribune and La Jolla Light who bought the property for about $27 million in 2015 — approved the possibility of each site being purchased separately.
The choices for buyers are:
• All three sites for $49 million
• The Foxhill home and its accompanying 6.24 acres for $28 million
• The Romero site for $24 million
• The Country Club site for $8 million
The Romero and Country Club sites would come with their respective development plans “to the extent they’re done and approved,” Nelson said.
Noting the extensive work Manchester put into the property to improve its value, Nelson said the price, albeit potentially recordbreaking, is “very low relative to what this home would be listed at in places like Los Angeles and Orange County . ... The topography is really conducive to ... the grandeur and privacy that Foxhill has.”
A home in Del Mar set the San Diego County record for most expensive sale — $48.2 million in 2007. The same house was sold in 2020 to Bill and Melinda Gates for $43 million.
The record in La Jolla was set by a house at 8466 El Paseo Grande, which sold for $24.7 million in late 2020.
By comparison, a new home in Bird Rock is listed for $32.5 million.