The tech-heavy Nasdaq Composite index confirmed on Friday that it is in a bear market, as it has fallen 22.7% from its Dec. 16 record close, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

The index ended down 5.8% on Friday, after China announced additional tariffs of 34% on U.S. goods in retaliation for steep tariffs Trump announced against China Wednesday.

The Nasdaq Composite index ended down 962.82 points at 15,587.79, versus its December record close of 20,173.89.

A bear market is confirmed when an index closes down at least 20% from its most recent record high finish, according to a widely used definition.

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