Despite biggest weekly decline in 2 years, US stocks not seen in bear market

The S&P 500 fell 3.9 percent last week, its biggest weekly decline in two years.

However, at least some investors are not worried.

“The pullback is likely to be just an overdue correction, with say a 10 percent or so fall, rather than a severe bear market,” said Shane Oliver, global investment strategist at AMP Capital.

“This move may yet turn out to be the start of something more significant, but so far it is pretty limited and it is likely that buyers will step in before we get near ‘real’ correction levels,” said Patrik Schowitz, global multi-asset strategist at JPMorgan Asset.