Are we in a Bear Market? Are we in a Recession?

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Are we in a Bear Market? Are we in a Recession?

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The S&P 500 ended the week 5.1% lower due to a higher-than-expected CPI report. Friday's close was at 3900, the same level as the closing low on May 19th, which is 18.6% off the January 3rd high. Are we in a bear market?
First-quarter GDP showed an economic contraction of 1.4%.
The Federal Reserve Bank of Atlanta recently lowered their estimate for second-quarter GDP to less than 1%. Are we in a Recession?

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