The Latest: Even with gain, S&P 500 near bear market level

NEW YORK (AP) — The Latest on the financial markets (all times local):

2:00 p.m.

The S&P 500 is up about 1% so far Tuesday, but even with the gain the benchmark index remains just one big drop away from bear market territory.

After a three-week rout that included its biggest one-day drop since 2008, the S&P 500 is down about 18% from the high of 3,386.15 it reached on Feb. 19. If that decline stretches to 20% and stays at or below that level for an extended period, stocks will be in a bear market and the bull market that began back in 2009 will have ended.

The biggest factor behind the recent sharp drop in stocks has been fears that the coronavirus outbreak could severely crimp the global economy. A plunge in oil prices Monday added to investors' anxiety.