Most of the S&P 500 is already in a bear market

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Most of the , 60 percent of members, closed in bear market territory on Wednesday after U.S. stocks sold off following the Federal Reserve's decision to raise interest rates.

Wall Street traditionally defines a correction as a drop of 10 percent or more from recent highs, while a bear market is defined as a drop of 20 percent or more. The energy, materials and financials sectors all closed in a bear market. The real estate and utilities sectors were the only two sectors that did not close in a correction.

And exactly 300 of the total stocks in the S&P 500 are in a bear market.