S&P 500 falls into bear market, joins Nasdaq

The S&P 500, the broadest measure of the U.S. stock market, slipped into bear market territory on Friday. 

The benchmark is now down 20% from its January high of 4,796.56 and needs to close at or below 3,837.25 for the official start. 

"I think you would expect with the Fed raising rates that all these assets, trillions of worldwide, would have to be repriced. But we have to get inflation under control" said James Bullard, President of the Federal Reserve Bank of St. Louis during an exclusive interview with FOX Business.