The longest recession of the post World War II period now has an end date.
The National Bureau of Economic Research announced September 20, 2010 that the downturn that started in December 2007 ended in June of last year. The 18 month contraction was longer than the 1973-1975 and 1981-1982 recessions.
The technical indicator of a "recession" is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP)
A "pull back" is a near term price decline of less than 10%
A "correction" is a temporary price decline of at least 10%
A "Bear market" is a downturn of 20% or more in multiple broad market indexes, such as the Dow Jones Industrial Average (DJIA) or Standard & Poor's 500 Index (S&P 500), over at least a two-month period, is considered an entry into a bear market.
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