The Perfect Enemy | When Stocks Become Bear Markets
July 6, 2022
Read Time:103 Minute

Steep downturns of stocks by 20 percent or more are relatively rare, but how long they last could portend damage — for you and the economy.

The S&P 500 on Monday dropped into its second bear market of the pandemic, crossing a symbolic and worrisome threshold as stocks plunge following a meteoric rise over the last two years.

Bear markets — when stocks decline at least 20 percent from their recent peaks — are relatively rare, and they frequently precede a recession. This sell-off, dragging the S&P down from a peak on Jan. 3 (which reflects the new bear market’s starting point), comes as concerns mount over high inflation, the war in Ukraine, Covid and the Federal Reserve’s attempts to rein in the economy.

The most recent bear market, just as the coronavirus began spreading globally, was the shortest on record. Stocks lost a third of their value in 33 days in early 2020, according to data compiled by Ed Yardeni, an economist who tracks stock swings. From there, it took just six months for the S&P to recover, aided by pandemic stimulus and emergency actions by the Federal Reserve.

.css-hqicgh{display:block;margin-bottom:12px;grid-column:1;}@media (min-width:880px){.css-hqicgh{margin-bottom:16px;}.standalone-burst .css-hqicgh,.nytapp-vi-interactive .css-hqicgh,.nytapp-hybrid-article .css-hqicgh,.nytapp-vi-article .css-hqicgh,.nytapp-vi-liveblog .css-hqicgh,.nytapp-hybrid-article .css-hqicgh,.nytapp-vi-article .css-hqicgh,.nytapp-vi-liveblog .css-hqicgh{margin-left:16px;margin-right:16px;}}.container-size-large:not(.device-mobile) .css-hqicgh,.container-size-extra-large:not(.device-mobile) .css-hqicgh{margin-right:16px;margin-bottom:8px;}.container-size-small:not(.device-mobile) .css-hqicgh,.container-size-medium:not(.device-mobile) .css-hqicgh{margin-bottom:8px;}@media (max-width:600px){.standalone-burst .css-hqicgh,.nytapp-vi-interactive .css-hqicgh,.nytapp-hybrid-article .css-hqicgh,.nytapp-vi-article .css-hqicgh,.nytapp-vi-liveblog .css-hqicgh{margin-bottom:8px;}}.css-1nu2zqw{font-family:NYTFranklinSemibold,Helvetica,Arial,sans-serif;font-weight:600;}.css-1dv1kvn{border:0;-webkit-clip:rect(0 0 0 0);clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;}.css-oyab1k{width:100%;visibility:visible;}[data-testid=’document-block-body’] .css-1aet78q #FULL{display:none;}@media (min-width:880px){.standalone-burst [data-testid=’document-block-body’] .css-1aet78q img,.nytapp-vi-interactive [data-testid=’document-block-body’] .css-1aet78q img,.nytapp-hybrid-article [data-testid=’document-block-body’] .css-1aet78q img,.nytapp-vi-article [data-testid=’document-block-body’] .css-1aet78q img,.nytapp-vi-liveblog [data-testid=’document-block-body’] .css-1aet78q img{display:none;}.standalone-burst [data-testid=’document-block-body’] .css-1aet78q #FULL,.nytapp-vi-interactive [data-testid=’document-block-body’] .css-1aet78q #FULL,.nytapp-hybrid-article [data-testid=’document-block-body’] .css-1aet78q #FULL,.nytapp-vi-article [data-testid=’document-block-body’] .css-1aet78q #FULL,.nytapp-vi-liveblog [data-testid=’document-block-body’] .css-1aet78q #FULL,.standalone-burst [data-testid=’document-block-body’] .css-1aet78q #LARGE_THUMB,.nytapp-vi-interactive [data-testid=’document-block-body’] .css-1aet78q #LARGE_THUMB,.nytapp-hybrid-article [data-testid=’document-block-body’] .css-1aet78q #LARGE_THUMB,.nytapp-vi-article [data-testid=’document-block-body’] .css-1aet78q #LARGE_THUMB,.nytapp-vi-liveblog [data-testid=’document-block-body’] .css-1aet78q #LARGE_THUMB{display:block;}}@media (min-width:880px){.standalone-burst .css-1aet78q.exit-card img,.standalone-burst .exit-card .css-1aet78q img,.nytapp-vi-interactive .css-1aet78q.exit-card img,.nytapp-vi-interactive .exit-card .css-1aet78q img,.nytapp-hybrid-article .css-1aet78q.exit-card img,.nytapp-hybrid-article .exit-card .css-1aet78q img,.nytapp-vi-article .css-1aet78q.exit-card img,.nytapp-vi-article .exit-card .css-1aet78q img,.nytapp-vi-liveblog .css-1aet78q.exit-card img,.nytapp-vi-liveblog .exit-card .css-1aet78q img,.nytapp-hybrid-article .css-1aet78q.exit-card img,.nytapp-hybrid-article .exit-card .css-1aet78q img,.nytapp-vi-article .css-1aet78q.exit-card img,.nytapp-vi-article .exit-card .css-1aet78q img,.nytapp-vi-liveblog .css-1aet78q.exit-card img,.nytapp-vi-liveblog .exit-card .css-1aet78q img{display:block;}}.css-1fo5vkl{position:relative;width:100%;}.css-1fo5vkl > figure{margin-top:0;margin-bottom:6px;}.css-1neymcy{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;margin:16px 16px 0;}.container-size-small:not(.device-mobile) .css-1neymcy,.container-size-medium:not(.device-mobile) .css-1neymcy{margin:16px 16px 0;}.device-mobile .css-1neymcy{margin:16px 16px 0;}.container-size-large:not(.device-mobile) .css-1neymcy:not(.exit-card .css-1neymcy),.container-size-extra-large:not(.device-mobile) .css-1neymcy:not(.exit-card .css-1neymcy){width:100%;margin-right:0;padding-right:16px;margin-bottom:16px;min-width:20%;background-image:linear-gradient(rgb(139,139,139) 25%,rgba(255,255,255,0) 0%);background-position:right center;background-size:1px 4px;background-repeat:repeat-y;}.container-size-small:not(.device-mobile) .css-1neymcy,.container-size-medium:not(.device-mobile) .css-1neymcy,.container-size-large:not(.device-mobile) .css-1neymcy,.container-size-extra-large:not(.device-mobile) .css-1neymcy{padding-bottom:12px;}.container-size-small:not(.device-mobile) .css-1neymcy:hover,.container-size-medium:not(.device-mobile) .css-1neymcy:hover,.container-size-large:not(.device-mobile) .css-1neymcy:hover,.container-size-extra-large:not(.device-mobile) .css-1neymcy:hover{cursor:pointer;}@media (max-width:879px){.standalone-burst .css-1neymcy,.nytapp-vi-interactive .css-1neymcy,.nytapp-hybrid-article .css-1neymcy,.nytapp-vi-article .css-1neymcy,.nytapp-vi-liveblog .css-1neymcy,.nytapp-hybrid-article .css-1neymcy,.nytapp-vi-article .css-1neymcy,.nytapp-vi-liveblog .css-1neymcy{padding-bottom:12px;}}@media (min-width:880px){.standalone-burst .css-1neymcy,.nytapp-vi-interactive .css-1neymcy,.nytapp-hybrid-article .css-1neymcy,.nytapp-vi-article .css-1neymcy,.nytapp-vi-liveblog .css-1neymcy,.nytapp-hybrid-article .css-1neymcy,.nytapp-vi-article .css-1neymcy,.nytapp-vi-liveblog .css-1neymcy{display:none;}}.css-f48ier{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-flow:row nowrap;-ms-flex-flow:row nowrap;flex-flow:row nowrap;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}.css-f48ier:empty{display:none;}@media (min-width:880px){.standalone-burst .css-f48ier,.nytapp-vi-interactive .css-f48ier,.nytapp-hybrid-article .css-f48ier,.nytapp-vi-article .css-f48ier,.nytapp-vi-liveblog .css-f48ier,.nytapp-hybrid-article .css-f48ier,.nytapp-vi-article .css-f48ier,.nytapp-vi-liveblog .css-f48ier{display:none;}}.css-1ml2u6v{display:block;margin-bottom:12px;grid-column:1;margin-top:-14px;margin-bottom:0;font-family:NYTFranklinMedium,Helvetica,Arial,sans-serif;color:var(–color-content-tertiary,#5A5A5A);font-size:14px;line-height:17px;}@media (min-width:880px){.css-1ml2u6v{margin-bottom:16px;}.standalone-burst .css-1ml2u6v,.nytapp-vi-interactive .css-1ml2u6v,.nytapp-hybrid-article .css-1ml2u6v,.nytapp-vi-article .css-1ml2u6v,.nytapp-vi-liveblog .css-1ml2u6v,.nytapp-hybrid-article .css-1ml2u6v,.nytapp-vi-article .css-1ml2u6v,.nytapp-vi-liveblog .css-1ml2u6v{margin-left:16px;margin-right:16px;}}.container-size-large:not(.device-mobile) .css-1ml2u6v,.container-size-extra-large:not(.device-mobile) .css-1ml2u6v{margin-right:16px;margin-bottom:8px;}.container-size-small:not(.device-mobile) .css-1ml2u6v,.container-size-medium:not(.device-mobile) .css-1ml2u6v{margin-bottom:8px;}@media (max-width:600px){.standalone-burst .css-1ml2u6v,.nytapp-vi-interactive .css-1ml2u6v,.nytapp-hybrid-article .css-1ml2u6v,.nytapp-vi-article .css-1ml2u6v,.nytapp-vi-liveblog .css-1ml2u6v{margin-bottom:8px;}}.standalone-burst .css-1ml2u6v,.nytapp-vi-interactive .css-1ml2u6v,.nytapp-hybrid-article .css-1ml2u6v,.nytapp-vi-article .css-1ml2u6v,.nytapp-vi-liveblog .css-1ml2u6v{font-size:14px;line-height:17px;}@media (min-width:880px){.css-1ml2u6v{margin-top:-18px;margin-bottom:24px;}}.css-1ml2u6v:after{content:”;display:block;clear:both;}.standalone-burst .css-1ml2u6v,.nytapp-vi-interactive .css-1ml2u6v,.nytapp-hybrid-article .css-1ml2u6v,.nytapp-vi-article .css-1ml2u6v,.nytapp-vi-liveblog .css-1ml2u6v{margin-bottom:0;}.container-size-large:not(.device-mobile) .css-1ml2u6v,.container-size-extra-large:not(.device-mobile) .css-1ml2u6v{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;margin-right:0;margin-top:8px;font-size:11px;line-height:13px;}.container-size-small:not(.device-mobile) .css-1ml2u6v,.container-size-medium:not(.device-mobile) .css-1ml2u6v{margin-bottom:0;font-size:11px;line-height:13px;}.device-mobile .css-1ml2u6v{margin-bottom:12px;}.css-4d21cf{display:block;padding-top:3px;color:var(–color-content-tertiary,#5A5A5A);}@media (max-width:600px){.standalone-burst .css-4d21cf,.nytapp-vi-interactive .css-4d21cf,.nytapp-hybrid-article .css-4d21cf,.nytapp-vi-article .css-4d21cf,.nytapp-vi-liveblog .css-4d21cf{padding-top:0;}}.container-size-large:not(.device-mobile) .css-4d21cf,.container-size-extra-large:not(.device-mobile) .css-4d21cf{padding-top:0;}.container-size-small:not(.device-mobile) .css-4d21cf,.container-size-medium:not(.device-mobile) .css-4d21cf{padding-top:0;}.css-8g95dj{display:block;color:var(–color-content-tertiary,#5A5A5A);}.css-17g2a6p{margin-right:8px;padding-bottom:0;width:40px;height:40px;float:left;border-radius:20px;overflow:hidden;}.container-size-small:not(.device-mobile) .css-17g2a6p,.container-size-medium:not(.device-mobile) .css-17g2a6p,.container-size-large:not(.device-mobile) .css-17g2a6p,.container-size-extra-large:not(.device-mobile) .css-17g2a6p{width:23px;height:23px;}.container-size-large:not(.device-mobile) .css-xnoz24,.container-size-extra-large:not(.device-mobile) .css-xnoz24{max-width:92px;}.css-1mktq0{display:grid;grid-template-columns:1fr;}.css-1mktq0 p:last-child{margin-bottom:0;}@media (min-width:880px){.exit-card .css-1mktq0{max-width:100%;}}.container-size-large:not(.device-mobile) .css-1mktq0,.container-size-extra-large:not(.device-mobile) .css-1mktq0{max-width:100%;}@media (min-width:880px){.standalone-burst .css-1mktq0.exit-card,.standalone-burst .exit-card .css-1mktq0,.nytapp-vi-interactive .css-1mktq0.exit-card,.nytapp-vi-interactive .exit-card .css-1mktq0,.nytapp-hybrid-article .css-1mktq0.exit-card,.nytapp-hybrid-article .exit-card .css-1mktq0,.nytapp-vi-article .css-1mktq0.exit-card,.nytapp-vi-article .exit-card .css-1mktq0,.nytapp-vi-liveblog .css-1mktq0.exit-card,.nytapp-vi-liveblog .exit-card .css-1mktq0,.nytapp-hybrid-article .css-1mktq0.exit-card,.nytapp-hybrid-article .exit-card .css-1mktq0,.nytapp-vi-article .css-1mktq0.exit-card,.nytapp-vi-article .exit-card .css-1mktq0,.nytapp-vi-liveblog .css-1mktq0.exit-card,.nytapp-vi-liveblog .exit-card .css-1mktq0{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}}.css-1r4odp4{display:none;margin-bottom:12px;}@media (min-width:880px){.standalone-burst .css-1r4odp4,.nytapp-vi-interactive .css-1r4odp4,.nytapp-hybrid-article .css-1r4odp4,.nytapp-vi-article .css-1r4odp4,.nytapp-vi-liveblog .css-1r4odp4,.nytapp-hybrid-article .css-1r4odp4,.nytapp-vi-article .css-1r4odp4,.nytapp-vi-liveblog .css-1r4odp4{display:block;margin-top:16px;}.css-1r4odp4 > figure{margin-top:0;margin-bottom:6px;}}.container-size-large:not(.device-mobile) .css-1r4odp4:not(.exit-card .css-1r4odp4),.container-size-extra-large:not(.device-mobile) .css-1r4odp4:not(.exit-card .css-1r4odp4){display:none;}.container-size-large:not(.device-mobile) .css-ahnn9i,.container-size-extra-large:not(.device-mobile) .css-ahnn9i{max-width:445px;margin-left:16px;}.container-size-small:not(.device-mobile) .css-ahnn9i,.container-size-medium:not(.device-mobile) .css-ahnn9i{margin:0 16px 16px;}@media (min-width:600px){.standalone-burst .css-ahnn9i,.nytapp-vi-interactive .css-ahnn9i,.nytapp-hybrid-article .css-ahnn9i,.nytapp-vi-article .css-ahnn9i,.nytapp-vi-liveblog .css-ahnn9i{max-width:700px;}}.device-mobile .css-ahnn9i{margin:0 16px 16px;}.css-ahnn9i:empty{display:none;}@media (min-width:880px){.standalone-burst .css-ahnn9i.exit-card,.standalone-burst .exit-card .css-ahnn9i,.nytapp-vi-interactive .css-ahnn9i.exit-card,.nytapp-vi-interactive .exit-card .css-ahnn9i,.nytapp-hybrid-article .css-ahnn9i.exit-card,.nytapp-hybrid-article .exit-card .css-ahnn9i,.nytapp-vi-article .css-ahnn9i.exit-card,.nytapp-vi-article .exit-card .css-ahnn9i,.nytapp-vi-liveblog .css-ahnn9i.exit-card,.nytapp-vi-liveblog .exit-card .css-ahnn9i,.nytapp-hybrid-article .css-ahnn9i.exit-card,.nytapp-hybrid-article .exit-card .css-ahnn9i,.nytapp-vi-article .css-ahnn9i.exit-card,.nytapp-vi-article .exit-card .css-ahnn9i,.nytapp-vi-liveblog .css-ahnn9i.exit-card,.nytapp-vi-liveblog .exit-card .css-ahnn9i{width:524px;}}.container-size-large:not(.device-mobile) .css-ahnn9i.exit-card,.container-size-large:not(.device-mobile) .exit-card .css-ahnn9i,.container-size-extra-large:not(.device-mobile) .css-ahnn9i.exit-card,.container-size-extra-large:not(.device-mobile) .exit-card .css-ahnn9i{max-width:none;}.css-zqgid9{font-family:NYTFranklinBold,Helvetica,Arial,sans-serif;font-weight:700;display:block;font-family:NYTImperialMedium,Georgia,Times New Roman,Times,serif;font-size:16px;line-height:22px;-webkit-text-decoration-line:none;text-decoration-line:none;color:var(–color-content-primary,#121212);}@media (min-width:880px){.standalone-burst .css-zqgid9,.nytapp-vi-interactive .css-zqgid9,.nytapp-hybrid-article .css-zqgid9,.nytapp-vi-article .css-zqgid9,.nytapp-vi-liveblog .css-zqgid9{font-size:20px;line-height:30px;}}@media (min-width:740px){.container-size-small:not(.device-mobile) .css-zqgid9,.container-size-medium:not(.device-mobile) .css-zqgid9,.container-size-large:not(.device-mobile) .css-zqgid9,.container-size-extra-large:not(.device-mobile) .css-zqgid9{font-size:14px;line-height:20px;}}.exit-card .css-zqgid9{display:inline;}@media (min-width:880px){[data-has-expandable-block=”true”] .exit-card .css-zqgid9:not(.container-size-small:not(.device-mobile) .exit-card .css-zqgid9,.container-size-medium:not(.device-mobile) .exit-card .css-zqgid9) .exit-card .css-zqgid9,[data-has-expandable-block=”true”] .exit-card .css-zqgid9:not(.container-size-large:not(.device-mobile) .exit-card .css-zqgid9,.container-size-extra-large:not(.device-mobile) .exit-card .css-zqgid9) .exit-card .css-zqgid9{font-size:21px;line-height:27px;}}.css-1fpnkxe{-webkit-text-decoration-line:underline;text-decoration-line:underline;-webkit-text-decoration-style:solid;text-decoration-style:solid;}.css-1fpnkxe:not(.exit-card) .css-1fpnkxe{-webkit-text-decoration-color:var(–color-signal-editorial,#326891);text-decoration-color:var(–color-signal-editorial,#326891);}.css-52tq3p{font-family:NYTFranklinRegular,Helvetica,Arial,sans-serif;font-style:normal;font-weight:normal;font-size:10px;line-height:14px;-webkit-letter-spacing:0.2px;-moz-letter-spacing:0.2px;-ms-letter-spacing:0.2px;letter-spacing:0.2px;color:var(–color-content-quaternary,#727272);}@media (min-width:880px){.standalone-burst .css-52tq3p,.nytapp-vi-interactive .css-52tq3p,.nytapp-hybrid-article .css-52tq3p,.nytapp-vi-article .css-52tq3p,.nytapp-vi-liveblog .css-52tq3p{font-size:9px;}}.container-size-small:not(.device-mobile) .css-52tq3p,.container-size-medium:not(.device-mobile) .css-52tq3p,.container-size-large:not(.device-mobile) .css-52tq3p,.container-size-extra-large:not(.device-mobile) .css-52tq3p{font-size:8.96px;}.css-1h3vu3m{display:block;margin-bottom:12px;grid-column:1;}@media (min-width:880px){.css-1h3vu3m{margin-bottom:16px;}.standalone-burst .css-1h3vu3m,.nytapp-vi-interactive .css-1h3vu3m,.nytapp-hybrid-article .css-1h3vu3m,.nytapp-vi-article .css-1h3vu3m,.nytapp-vi-liveblog .css-1h3vu3m,.nytapp-hybrid-article .css-1h3vu3m,.nytapp-vi-article .css-1h3vu3m,.nytapp-vi-liveblog .css-1h3vu3m{margin-left:16px;margin-right:16px;}}.container-size-large:not(.device-mobile) .css-1h3vu3m,.container-size-extra-large:not(.device-mobile) .css-1h3vu3m{margin-right:16px;margin-bottom:8px;}.container-size-small:not(.device-mobile) .css-1h3vu3m,.container-size-medium:not(.device-mobile) .css-1h3vu3m{margin-bottom:8px;}@media (max-width:600px){.standalone-burst .css-1h3vu3m,.nytapp-vi-interactive .css-1h3vu3m,.nytapp-hybrid-article .css-1h3vu3m,.nytapp-vi-article .css-1h3vu3m,.nytapp-vi-liveblog .css-1h3vu3m{margin-bottom:8px;}}@media (min-width:880px){.standalone-burst .css-1h3vu3m,.nytapp-vi-interactive .css-1h3vu3m,.nytapp-hybrid-article .css-1h3vu3m,.nytapp-vi-article .css-1h3vu3m,.nytapp-vi-liveblog .css-1h3vu3m,.nytapp-hybrid-article .css-1h3vu3m,.nytapp-vi-article .css-1h3vu3m,.nytapp-vi-liveblog .css-1h3vu3m{grid-column:2;grid-row-start:1;grid-row-end:span 100;border-left:1px solid var(–color-stroke-quaternary,#DFDFDF);width:100%;}.DarkTheme .css-1h3vu3m{border-left-color:#333;}}.container-size-large:not(.device-mobile) .css-1h3vu3m,.container-size-extra-large:not(.device-mobile) .css-1h3vu3m{grid-column:2;grid-row-start:1;grid-row-end:span 100;border-left:1px solid var(–color-stroke-quaternary,#DFDFDF);width:100%;border-left:none;margin-left:0;}.container-size-small:not(.device-mobile) .css-1h3vu3m,.container-size-medium:not(.device-mobile) .css-1h3vu3m{margin-bottom:12px;}@media (min-width:880px){.standalone-burst .css-1h3vu3m,.nytapp-vi-interactive .css-1h3vu3m,.nytapp-hybrid-article .css-1h3vu3m,.nytapp-vi-article .css-1h3vu3m,.nytapp-vi-liveblog .css-1h3vu3m,.nytapp-hybrid-article .css-1h3vu3m,.nytapp-vi-article .css-1h3vu3m,.nytapp-vi-liveblog .css-1h3vu3m{margin:0;}}.css-cd6sw4{list-style:none;counter-reset:list-block-counter;}@media (max-width:600px){.css-cd6sw4{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}.css-cd6sw4 li:last-child{border-bottom:none;}.css-cd6sw4 .related-link{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;width:100%;padding:16px 0;border-bottom:1px solid var(–color-stroke-quaternary,#DFDFDF);}.css-cd6sw4 .related-link a:not(.related-link-img){padding-right:16px;-webkit-text-decoration:none;text-decoration:none;}.css-cd6sw4 .related-link .related-link-img{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:end;-webkit-justify-content:flex-end;-ms-flex-pack:end;justify-content:flex-end;min-width:91px;}.css-cd6sw4 .related-link .related-link-img img{height:91px;width:91px;border-radius:0;}.css-cd6sw4 .related-link .related-link-img picture{position:relative !important;}}.basic-card .css-cd6sw4{display:block;margin-bottom:12px;grid-column:1;}@media (min-width:880px){.basic-card .css-cd6sw4{margin-bottom:16px;}.standalone-burst .basic-card .css-cd6sw4,.nytapp-vi-interactive .basic-card .css-cd6sw4,.nytapp-hybrid-article .basic-card .css-cd6sw4,.nytapp-vi-article .basic-card .css-cd6sw4,.nytapp-vi-liveblog .basic-card .css-cd6sw4,.nytapp-hybrid-article .basic-card .css-cd6sw4,.nytapp-vi-article .basic-card .css-cd6sw4,.nytapp-vi-liveblog .basic-card .css-cd6sw4{margin-left:16px;margin-right:16px;}}.container-size-large:not(.device-mobile) .basic-card .css-cd6sw4,.container-size-extra-large:not(.device-mobile) .basic-card .css-cd6sw4{margin-right:16px;margin-bottom:8px;}.container-size-small:not(.device-mobile) .basic-card .css-cd6sw4,.container-size-medium:not(.device-mobile) .basic-card .css-cd6sw4{margin-bottom:8px;}@media (max-width:600px){.standalone-burst .basic-card .css-cd6sw4,.nytapp-vi-interactive .basic-card .css-cd6sw4,.nytapp-hybrid-article .basic-card .css-cd6sw4,.nytapp-vi-article .basic-card .css-cd6sw4,.nytapp-vi-liveblog .basic-card .css-cd6sw4{margin-bottom:8px;}}.basic-card .css-cd6sw4 + [data-component=”related-links-block”]{margin-top:-8px;}@media (min-width:880px){.basic-card .css-cd6sw4 + [data-component=”related-links-block”]{margin-top:-12px;}}.exit-card .css-cd6sw4{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-flow:row no-wrap;-ms-flex-flow:row no-wrap;flex-flow:row no-wrap;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link,.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link,.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link,.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;width:100%;padding:16px 0;border-bottom:1px solid var(–color-stroke-quaternary,#DFDFDF);}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link a:not(.related-link-img){padding-right:16px;-webkit-text-decoration:none;text-decoration:none;}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img,.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img,.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img,.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:end;-webkit-justify-content:flex-end;-ms-flex-pack:end;justify-content:flex-end;min-width:91px;}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img img,.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img img,.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img img,.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img img{height:91px;width:91px;border-radius:0;}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img picture,.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img picture,.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img picture,.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img picture{position:relative !important;}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link,.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link,.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link,.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;border-bottom:none;padding:16px 0;}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link:first-child,.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:first-child,.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link:first-child,.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:first-child{padding-right:16px;border-right:1px solid var(–color-stroke-quaternary,#DFDFDF);}.container-size-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link:last-child,.container-size-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:last-child,.container-size-extra-large:not(.device-mobile) .css-cd6sw4.exit-card .related-link:last-child,.container-size-extra-large:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:last-child{padding-left:16px;}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card,.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4,.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card,.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4,.device-mobile .css-cd6sw4.exit-card,.device-mobile .exit-card .css-cd6sw4{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card .related-link:last-child,.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:last-child,.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card .related-link:last-child,.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:last-child,.device-mobile .css-cd6sw4.exit-card .related-link:last-child,.device-mobile .exit-card .css-cd6sw4 .related-link:last-child{border-bottom:none;padding-bottom:0px;}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card .related-link:first-child,.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:first-child,.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card .related-link:first-child,.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4 .related-link:first-child,.device-mobile .css-cd6sw4.exit-card .related-link:first-child,.device-mobile .exit-card .css-cd6sw4 .related-link:first-child{padding-top:0px;}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card .related-link,.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4 .related-link,.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card .related-link,.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4 .related-link,.device-mobile .css-cd6sw4.exit-card .related-link,.device-mobile .exit-card .css-cd6sw4 .related-link{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;width:100%;padding:16px 0;border-bottom:1px solid var(–color-stroke-quaternary,#DFDFDF);}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.device-mobile .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.device-mobile .exit-card .css-cd6sw4 .related-link a:not(.related-link-img){padding-right:16px;-webkit-text-decoration:none;text-decoration:none;}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img,.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img,.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img,.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img,.device-mobile .css-cd6sw4.exit-card .related-link .related-link-img,.device-mobile .exit-card .css-cd6sw4 .related-link .related-link-img{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:end;-webkit-justify-content:flex-end;-ms-flex-pack:end;justify-content:flex-end;min-width:91px;}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img img,.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img img,.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img img,.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img img,.device-mobile .css-cd6sw4.exit-card .related-link .related-link-img img,.device-mobile .exit-card .css-cd6sw4 .related-link .related-link-img img{height:91px;width:91px;border-radius:0;}.container-size-small:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img picture,.container-size-small:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img picture,.container-size-medium:not(.device-mobile) .css-cd6sw4.exit-card .related-link .related-link-img picture,.container-size-medium:not(.device-mobile) .exit-card .css-cd6sw4 .related-link .related-link-img picture,.device-mobile .css-cd6sw4.exit-card .related-link .related-link-img picture,.device-mobile .exit-card .css-cd6sw4 .related-link .related-link-img picture{position:relative !important;}.standalone-burst .css-cd6sw4.exit-card .related-link a,.standalone-burst .exit-card .css-cd6sw4 .related-link a,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link a,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link a,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link a,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link a,.nytapp-vi-article .css-cd6sw4.exit-card .related-link a,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link a,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link a,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link a,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link a,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link a,.nytapp-vi-article .css-cd6sw4.exit-card .related-link a,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link a,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link a,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link a{-webkit-text-decoration:none;text-decoration:none;}@media (max-width:879px){.standalone-burst .css-cd6sw4.exit-card,.standalone-burst .exit-card .css-cd6sw4,.nytapp-vi-interactive .css-cd6sw4.exit-card,.nytapp-vi-interactive .exit-card .css-cd6sw4,.nytapp-hybrid-article .css-cd6sw4.exit-card,.nytapp-hybrid-article .exit-card .css-cd6sw4,.nytapp-vi-article .css-cd6sw4.exit-card,.nytapp-vi-article .exit-card .css-cd6sw4,.nytapp-vi-liveblog .css-cd6sw4.exit-card,.nytapp-vi-liveblog .exit-card .css-cd6sw4,.nytapp-hybrid-article .css-cd6sw4.exit-card,.nytapp-hybrid-article .exit-card .css-cd6sw4,.nytapp-vi-article .css-cd6sw4.exit-card,.nytapp-vi-article .exit-card .css-cd6sw4,.nytapp-vi-liveblog .css-cd6sw4.exit-card,.nytapp-vi-liveblog .exit-card .css-cd6sw4{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}.standalone-burst .css-cd6sw4.exit-card .related-link:last-child,.standalone-burst .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:last-child{border-bottom:none;}.standalone-burst .css-cd6sw4.exit-card .related-link:first-child,.standalone-burst .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:first-child{padding-top:0px;}.standalone-burst .css-cd6sw4.exit-card .related-link,.standalone-burst .exit-card .css-cd6sw4 .related-link,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-article .css-cd6sw4.exit-card .related-link,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-article .css-cd6sw4.exit-card .related-link,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;width:100%;padding:16px 0;border-bottom:1px solid var(–color-stroke-quaternary,#DFDFDF);}.standalone-burst .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.standalone-burst .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.nytapp-vi-article .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.nytapp-vi-article .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.nytapp-vi-article .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.nytapp-vi-article .exit-card .css-cd6sw4 .related-link a:not(.related-link-img),.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link a:not(.related-link-img),.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link a:not(.related-link-img){padding-right:16px;-webkit-text-decoration:none;text-decoration:none;}.standalone-burst .css-cd6sw4.exit-card .related-link .related-link-img,.standalone-burst .exit-card .css-cd6sw4 .related-link .related-link-img,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link .related-link-img,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link .related-link-img,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link .related-link-img,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link .related-link-img,.nytapp-vi-article .css-cd6sw4.exit-card .related-link .related-link-img,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link .related-link-img,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link .related-link-img,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link .related-link-img,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link .related-link-img,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link .related-link-img,.nytapp-vi-article .css-cd6sw4.exit-card .related-link .related-link-img,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link .related-link-img,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link .related-link-img,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link .related-link-img{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:end;-webkit-justify-content:flex-end;-ms-flex-pack:end;justify-content:flex-end;min-width:91px;}.standalone-burst .css-cd6sw4.exit-card .related-link .related-link-img img,.standalone-burst .exit-card .css-cd6sw4 .related-link .related-link-img img,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link .related-link-img img,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link .related-link-img img,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link .related-link-img img,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link .related-link-img img,.nytapp-vi-article .css-cd6sw4.exit-card .related-link .related-link-img img,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link .related-link-img img,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link .related-link-img img,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link .related-link-img img,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link .related-link-img img,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link .related-link-img img,.nytapp-vi-article .css-cd6sw4.exit-card .related-link .related-link-img img,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link .related-link-img img,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link .related-link-img img,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link .related-link-img img{height:91px;width:91px;border-radius:0;}.standalone-burst .css-cd6sw4.exit-card .related-link .related-link-img picture,.standalone-burst .exit-card .css-cd6sw4 .related-link .related-link-img picture,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link .related-link-img picture,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link .related-link-img picture,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link .related-link-img picture,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link .related-link-img picture,.nytapp-vi-article .css-cd6sw4.exit-card .related-link .related-link-img picture,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link .related-link-img picture,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link .related-link-img picture,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link .related-link-img picture,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link .related-link-img picture,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link .related-link-img picture,.nytapp-vi-article .css-cd6sw4.exit-card .related-link .related-link-img picture,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link .related-link-img picture,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link .related-link-img picture,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link .related-link-img picture{position:relative !important;}}@media (min-width:880px){.standalone-burst .css-cd6sw4.exit-card,.standalone-burst .exit-card .css-cd6sw4,.nytapp-vi-interactive .css-cd6sw4.exit-card,.nytapp-vi-interactive .exit-card .css-cd6sw4,.nytapp-hybrid-article .css-cd6sw4.exit-card,.nytapp-hybrid-article .exit-card .css-cd6sw4,.nytapp-vi-article .css-cd6sw4.exit-card,.nytapp-vi-article .exit-card .css-cd6sw4,.nytapp-vi-liveblog .css-cd6sw4.exit-card,.nytapp-vi-liveblog .exit-card .css-cd6sw4,.nytapp-hybrid-article .css-cd6sw4.exit-card,.nytapp-hybrid-article .exit-card .css-cd6sw4,.nytapp-vi-article .css-cd6sw4.exit-card,.nytapp-vi-article .exit-card .css-cd6sw4,.nytapp-vi-liveblog .css-cd6sw4.exit-card,.nytapp-vi-liveblog .exit-card .css-cd6sw4{padding-bottom:20px;}.standalone-burst .css-cd6sw4.exit-card .related-link,.standalone-burst .exit-card .css-cd6sw4 .related-link,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-article .css-cd6sw4.exit-card .related-link,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-article .css-cd6sw4.exit-card .related-link,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;gap:16px;}.standalone-burst .css-cd6sw4.exit-card .related-link:first-child,.standalone-burst .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:first-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:first-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:first-child{padding-right:16px;border-right:1px solid var(–color-stroke-quaternary,#DFDFDF);}.standalone-burst .css-cd6sw4.exit-card .related-link:last-child,.standalone-burst .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-interactive .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-interactive .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-hybrid-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-hybrid-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-article .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-article .exit-card .css-cd6sw4 .related-link:last-child,.nytapp-vi-liveblog .css-cd6sw4.exit-card .related-link:last-child,.nytapp-vi-liveblog .exit-card .css-cd6sw4 .related-link:last-child{padding-left:16px;}}.exit-card .css-1w1d8rj{width:140px;font-family:NYTCheltenhamBold,Georgia,Times New Roman,Times,serif;font-size:16px;line-height:19px;color:var(–color-content-primary,#121212);}.container-size-small:not(.device-mobile) .exit-card .css-1w1d8rj,.container-size-medium:not(.device-mobile) .exit-card .css-1w1d8rj,.container-size-large:not(.device-mobile) .exit-card .css-1w1d8rj,.container-size-extra-large:not(.device-mobile) .exit-card .css-1w1d8rj,.device-mobile .exit-card .css-1w1d8rj{width:auto;}@media (max-width:879px){.standalone-burst .exit-card .css-1w1d8rj,.nytapp-vi-interactive .exit-card .css-1w1d8rj,.nytapp-hybrid-article .exit-card .css-1w1d8rj,.nytapp-vi-article .exit-card .css-1w1d8rj,.nytapp-vi-liveblog .exit-card .css-1w1d8rj,.nytapp-hybrid-article .exit-card .css-1w1d8rj,.nytapp-vi-article .exit-card .css-1w1d8rj,.nytapp-vi-liveblog .exit-card .css-1w1d8rj{width:auto;}}.css-1rvfd4u p:last-child,.css-1rvfd4u h2:last-child{font-family:NYTCheltenhamBold,Georgia,Times New Roman,Times,serif;font-size:18px;line-height:22px;-webkit-letter-spacing:-0.2px;-moz-letter-spacing:-0.2px;-ms-letter-spacing:-0.2px;letter-spacing:-0.2px;margin-bottom:4px;color:var(–color-content-primary,#121212);}.css-1rvfd4u strong{font-family:NYTFranklinBold,Helvetica,Arial,sans-serif;font-weight:700;}.container-size-small:not(.device-mobile) .css-1rvfd4u p:last-child,.container-size-medium:not(.device-mobile) .css-1rvfd4u p:last-child,.container-size-large:not(.device-mobile) .css-1rvfd4u p:last-child,.container-size-extra-large:not(.device-mobile) .css-1rvfd4u p:last-child,.standalone-burst .css-1rvfd4u p:last-child,.nytapp-vi-interactive .css-1rvfd4u p:last-child,.nytapp-hybrid-article .css-1rvfd4u p:last-child,.nytapp-vi-article .css-1rvfd4u p:last-child,.nytapp-vi-liveblog .css-1rvfd4u p:last-child,.container-size-small:not(.device-mobile) .css-1rvfd4u h2:last-child,.container-size-medium:not(.device-mobile) .css-1rvfd4u h2:last-child,.container-size-large:not(.device-mobile) .css-1rvfd4u h2:last-child,.container-size-extra-large:not(.device-mobile) .css-1rvfd4u h2:last-child,.standalone-burst .css-1rvfd4u h2:last-child,.nytapp-vi-interactive .css-1rvfd4u h2:last-child,.nytapp-hybrid-article .css-1rvfd4u h2:last-child,.nytapp-vi-article .css-1rvfd4u h2:last-child,.nytapp-vi-liveblog .css-1rvfd4u h2:last-child{-webkit-letter-spacing:0.2px;-moz-letter-spacing:0.2px;-ms-letter-spacing:0.2px;letter-spacing:0.2px;}@media (min-width:880px){.standalone-burst .css-1rvfd4u,.nytapp-vi-interactive .css-1rvfd4u,.nytapp-hybrid-article .css-1rvfd4u,.nytapp-vi-article .css-1rvfd4u,.nytapp-vi-liveblog .css-1rvfd4u,.nytapp-hybrid-article .css-1rvfd4u,.nytapp-vi-article .css-1rvfd4u,.nytapp-vi-liveblog .css-1rvfd4u{margin:0 16px;}.standalone-burst .css-1rvfd4u p:last-child,.nytapp-vi-interactive .css-1rvfd4u p:last-child,.nytapp-hybrid-article .css-1rvfd4u p:last-child,.nytapp-vi-article .css-1rvfd4u p:last-child,.nytapp-vi-liveblog .css-1rvfd4u p:last-child,.nytapp-hybrid-article .css-1rvfd4u p:last-child,.nytapp-vi-article .css-1rvfd4u p:last-child,.nytapp-vi-liveblog .css-1rvfd4u p:last-child,.standalone-burst .css-1rvfd4u h2:last-child,.nytapp-vi-interactive .css-1rvfd4u h2:last-child,.nytapp-hybrid-article .css-1rvfd4u h2:last-child,.nytapp-vi-article .css-1rvfd4u h2:last-child,.nytapp-vi-liveblog .css-1rvfd4u h2:last-child,.nytapp-hybrid-article .css-1rvfd4u h2:last-child,.nytapp-vi-article .css-1rvfd4u h2:last-child,.nytapp-vi-liveblog .css-1rvfd4u h2:last-child{margin-left:0;margin-right:0;}}.nytapp-vi-liveblog .css-1rvfd4u{display:none;}.container-size-large:not(.device-mobile) .css-1rvfd4u,.container-size-extra-large:not(.device-mobile) .css-1rvfd4u{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:start;-webkit-justify-content:flex-start;-ms-flex-pack:start;justify-content:flex-start;}.container-size-large:not(.device-mobile) .css-1rvfd4u h2,.container-size-extra-large:not(.device-mobile) .css-1rvfd4u h2{margin-bottom:0;}@media (min-width:880px){.container-size-large:not(.device-mobile) .css-1rvfd4u h2:last-child,.container-size-extra-large:not(.device-mobile) .css-1rvfd4u h2:last-child{margin:0;}}.container-size-small:not(.device-mobile) .css-1rvfd4u h2,.container-size-medium:not(.device-mobile) .css-1rvfd4u h2{margin-bottom:4px;}.css-1yx43v0{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;margin-top:20px;}@media (max-width:600px){.css-1yx43v0{display:none;}}.container-size-large:not(.device-mobile) .css-1yx43v0.exit-card,.container-size-large:not(.device-mobile) .exit-card .css-1yx43v0,.container-size-extra-large:not(.device-mobile) .css-1yx43v0.exit-card,.container-size-extra-large:not(.device-mobile) .exit-card .css-1yx43v0{display:none;}@media (min-width:880px){.standalone-burst .css-1yx43v0.exit-card,.standalone-burst .exit-card .css-1yx43v0,.nytapp-vi-interactive .css-1yx43v0.exit-card,.nytapp-vi-interactive .exit-card .css-1yx43v0,.nytapp-hybrid-article .css-1yx43v0.exit-card,.nytapp-hybrid-article .exit-card .css-1yx43v0,.nytapp-vi-article .css-1yx43v0.exit-card,.nytapp-vi-article .exit-card .css-1yx43v0,.nytapp-vi-liveblog .css-1yx43v0.exit-card,.nytapp-vi-liveblog .exit-card .css-1yx43v0,.nytapp-hybrid-article .css-1yx43v0.exit-card,.nytapp-hybrid-article .exit-card .css-1yx43v0,.nytapp-vi-article .css-1yx43v0.exit-card,.nytapp-vi-article .exit-card .css-1yx43v0,.nytapp-vi-liveblog .css-1yx43v0.exit-card,.nytapp-vi-liveblog .exit-card .css-1yx43v0{position:static;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:end;-webkit-justify-content:flex-end;-ms-flex-pack:end;justify-content:flex-end;width:524px;margin:0px auto 0px auto;}}@media (max-width:879px){.standalone-burst .css-1yx43v0.exit-card,.standalone-burst .exit-card .css-1yx43v0,.nytapp-vi-interactive .css-1yx43v0.exit-card,.nytapp-vi-interactive .exit-card .css-1yx43v0,.nytapp-hybrid-article .css-1yx43v0.exit-card,.nytapp-hybrid-article .exit-card .css-1yx43v0,.nytapp-vi-article .css-1yx43v0.exit-card,.nytapp-vi-article .exit-card .css-1yx43v0,.nytapp-vi-liveblog .css-1yx43v0.exit-card,.nytapp-vi-liveblog .exit-card .css-1yx43v0,.nytapp-hybrid-article .css-1yx43v0.exit-card,.nytapp-hybrid-article .exit-card .css-1yx43v0,.nytapp-vi-article .css-1yx43v0.exit-card,.nytapp-vi-article .exit-card .css-1yx43v0,.nytapp-vi-liveblog .css-1yx43v0.exit-card,.nytapp-vi-liveblog .exit-card .css-1yx43v0{margin-top:0px;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:start;-webkit-justify-content:flex-start;-ms-flex-pack:start;justify-content:flex-start;}}.container-size-small:not(.device-mobile) .css-1yx43v0.exit-card,.container-size-small:not(.device-mobile) .exit-card .css-1yx43v0,.container-size-medium:not(.device-mobile) .css-1yx43v0.exit-card,.container-size-medium:not(.device-mobile) .exit-card .css-1yx43v0,.device-mobile .css-1yx43v0.exit-card,.device-mobile .exit-card .css-1yx43v0{margin:0px 16px;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:start;-webkit-justify-content:flex-start;-ms-flex-pack:start;justify-content:flex-start;}.css-aw7vwa{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;border:1px solid #e3e3e3;background-color:transparent;width:27px;height:27px;border-radius:50%;}.css-aw7vwa path{fill:var(–color-stroke-primary,#121212);}@media (hover:hover) and (pointer:fine){.container-size-large:not(.device-mobile) .css-aw7vwa:hover,.container-size-extra-large:not(.device-mobile) .css-aw7vwa:hover{color:var(–color-content-primary,#121212);background-color:var(–color-background-tertiary,#EBEBEB);}.container-size-large:not(.device-mobile) .css-aw7vwa:hover path,.container-size-extra-large:not(.device-mobile) .css-aw7vwa:hover path{fill:var(–color-stroke-primary,#121212);}}@media (min-width:600px){@media (hover:hover) and (pointer:fine){.standalone-burst .css-aw7vwa.exit-card:hover,.standalone-burst .exit-card .css-aw7vwa:hover,.nytapp-vi-interactive .css-aw7vwa.exit-card:hover,.nytapp-vi-interactive .exit-card .css-aw7vwa:hover,.nytapp-hybrid-article .css-aw7vwa.exit-card:hover,.nytapp-hybrid-article .exit-card .css-aw7vwa:hover,.nytapp-vi-article .css-aw7vwa.exit-card:hover,.nytapp-vi-article .exit-card .css-aw7vwa:hover,.nytapp-vi-liveblog .css-aw7vwa.exit-card:hover,.nytapp-vi-liveblog .exit-card .css-aw7vwa:hover{color:var(–color-content-primary,#121212);background-color:var(–color-background-tertiary,#EBEBEB);}.standalone-burst .css-aw7vwa.exit-card:hover path,.standalone-burst .exit-card .css-aw7vwa:hover path,.nytapp-vi-interactive .css-aw7vwa.exit-card:hover path,.nytapp-vi-interactive .exit-card .css-aw7vwa:hover path,.nytapp-hybrid-article .css-aw7vwa.exit-card:hover path,.nytapp-hybrid-article .exit-card .css-aw7vwa:hover path,.nytapp-vi-article .css-aw7vwa.exit-card:hover path,.nytapp-vi-article .exit-card .css-aw7vwa:hover path,.nytapp-vi-liveblog .css-aw7vwa.exit-card:hover path,.nytapp-vi-liveblog .exit-card .css-aw7vwa:hover path{fill:var(–color-stroke-primary,#121212);}}}@media (hover:hover) and (pointer:fine){.container-size-large:not(.device-mobile) .css-aw7vwa.exit-card:hover,.container-size-large:not(.device-mobile) .exit-card .css-aw7vwa:hover,.container-size-extra-large:not(.device-mobile) .css-aw7vwa.exit-card:hover,.container-size-extra-large:not(.device-mobile) .exit-card .css-aw7vwa:hover{color:var(–color-content-primary,#121212);background-color:var(–color-background-tertiary,#EBEBEB);}.container-size-large:not(.device-mobile) .css-aw7vwa.exit-card:hover path,.container-size-large:not(.device-mobile) .exit-card .css-aw7vwa:hover path,.container-size-extra-large:not(.device-mobile) .css-aw7vwa.exit-card:hover path,.container-size-extra-large:not(.device-mobile) .exit-card .css-aw7vwa:hover path{fill:var(–color-stroke-primary,#121212);}}@media (hover:hover) and (pointer:fine){.container-size-small:not(.device-mobile) .css-aw7vwa.exit-card:hover,.container-size-small:not(.device-mobile) .exit-card .css-aw7vwa:hover,.container-size-medium:not(.device-mobile) .css-aw7vwa.exit-card:hover,.container-size-medium:not(.device-mobile) .exit-card .css-aw7vwa:hover{color:var(–color-content-primary,#121212);background-color:var(–color-background-tertiary,#EBEBEB);}.container-size-small:not(.device-mobile) .css-aw7vwa.exit-card:hover path,.container-size-small:not(.device-mobile) .exit-card .css-aw7vwa:hover path,.container-size-medium:not(.device-mobile) .css-aw7vwa.exit-card:hover path,.container-size-medium:not(.device-mobile) .exit-card .css-aw7vwa:hover path{fill:var(–color-stroke-primary,#121212);}}.css-13e4kdv{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;width:14px;height:14px;}.css-xx4y2g{position:absolute;display:none;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;z-index:1;}footer .css-xx4y2g{top:5px;right:0;width:82px;}.cards .css-xx4y2g{top:50%;left:-100px;width:calc(100% + 200px);}@media (min-width:600px){.standalone-burst .css-xx4y2g,.nytapp-vi-interactive .css-xx4y2g,.nytapp-hybrid-article .css-xx4y2g,.nytapp-vi-article .css-xx4y2g,.nytapp-vi-liveblog .css-xx4y2g,.nytapp-hybrid-article .css-xx4y2g,.nytapp-vi-article .css-xx4y2g,.nytapp-vi-liveblog .css-xx4y2g{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;width:auto;}}.nytapp-vi-liveblog .css-xx4y2g{width:auto;}@media (min-width:600px){.container-size-small:not(.device-mobile) .css-xx4y2g,.container-size-medium:not(.device-mobile) .css-xx4y2g{position:relative;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;margin-top:16px;top:-24px;right:16px;width:108px;}}.container-size-large:not(.device-mobile) .css-xx4y2g,.container-size-extra-large:not(.device-mobile) .css-xx4y2g{position:relative;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;width:auto;}.css-10senvz{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;white-space:nowrap;width:36px;height:36px;border-radius:50%;border:1px solid transparent;background-color:var(–color-background-secondary,#F8F8F8);cursor:pointer;outline:none;right:0;}.css-10senvz:after{content:”;display:inline-block;margin-left:2px;margin-bottom:1;width:8px;height:8px;line-height:0;border-top:2px solid var(–color-signal-editorial,#326891);border-right:2px solid var(–color-signal-editorial,#326891);border-color:var(–color-stroke-primary,#121212) !important;}.css-10senvz:hover{background-color:var(–color-stroke-quaternary,#DFDFDF);}.css-10senvz:focus{border:1px solid var(–color-stroke-quaternary,#DFDFDF);}.css-10senvz:focus:after{border-color:var(–color-stroke-secondary,#8B8B8B) !important;}@media (min-width:600px){.standalone-burst .css-10senvz,.nytapp-vi-interactive .css-10senvz,.nytapp-hybrid-article .css-10senvz,.nytapp-vi-article .css-10senvz,.nytapp-vi-liveblog .css-10senvz,.nytapp-hybrid-article .css-10senvz,.nytapp-vi-article .css-10senvz,.nytapp-vi-liveblog .css-10senvz{width:26px;height:26px;background-color:transparent;border:1px solid var(–color-stroke-quaternary,#DFDFDF);}.standalone-burst .css-10senvz:hover,.nytapp-vi-interactive .css-10senvz:hover,.nytapp-hybrid-article .css-10senvz:hover,.nytapp-vi-article .css-10senvz:hover,.nytapp-vi-liveblog .css-10senvz:hover,.nytapp-hybrid-article .css-10senvz:hover,.nytapp-vi-article .css-10senvz:hover,.nytapp-vi-liveblog .css-10senvz:hover{background-color:var(–color-stroke-quaternary,#DFDFDF);}}.container-size-small:not(.device-mobile) .css-10senvz,.container-size-medium:not(.device-mobile) .css-10senvz,.container-size-large:not(.device-mobile) .css-10senvz,.container-size-extra-large:not(.device-mobile) .css-10senvz{width:26px;height:26px;background-color:transparent;border:1px solid var(–color-stroke-quaternary,#DFDFDF);}.container-size-small:not(.device-mobile) .css-10senvz:hover,.container-size-medium:not(.device-mobile) .css-10senvz:hover,.container-size-large:not(.device-mobile) .css-10senvz:hover,.container-size-extra-large:not(.device-mobile) .css-10senvz:hover{background-color:var(–color-stroke-quaternary,#DFDFDF);}.container-size-large:not(.device-mobile) .css-10senvz,.container-size-extra-large:not(.device-mobile) .css-10senvz{margin:0;}.css-10senvz:after{margin-left:-2px;-webkit-transform:rotate(45deg);-ms-transform:rotate(45deg);transform:rotate(45deg);}.container-size-large:not(.device-mobile) .css-10senvz,.container-size-extra-large:not(.device-mobile) .css-10senvz{margin-left:4px;}@media (min-width:600px){.standalone-burst .css-10senvz,.nytapp-vi-interactive .css-10senvz,.nytapp-hybrid-article .css-10senvz,.nytapp-vi-article .css-10senvz,.nytapp-vi-liveblog .css-10senvz,.nytapp-hybrid-article .css-10senvz,.nytapp-vi-article .css-10senvz,.nytapp-vi-liveblog .css-10senvz{margin-left:4px;}}.css-1kixz3w{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:start;-webkit-justify-content:flex-start;-ms-flex-pack:start;justify-content:flex-start;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}.container-size-small:not(.device-mobile) .css-1kixz3w,.container-size-medium:not(.device-mobile) .css-1kixz3w{-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;}.container-size-large:not(.device-mobile) .css-1kixz3w,.container-size-extra-large:not(.device-mobile) .css-1kixz3w{-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;}.css-1n1e5kv{display:none;}.container-size-small:not(.device-mobile) .css-1n1e5kv,.container-size-medium:not(.device-mobile) .css-1n1e5kv{display:block;font-size:10px;line-height:12px;font-family:NYTFranklinMedium,Helvetica,Arial,sans-serif;font-weight:400;color:var(–color-content-primary,#121212);-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;}.css-qfqpj7{display:none;}.container-size-large:not(.device-mobile) .css-qfqpj7,.container-size-extra-large:not(.device-mobile) .css-qfqpj7{display:block;font-size:10px;line-height:12px;font-family:NYTFranklinMedium,Helvetica,Arial,sans-serif;font-weight:400;color:var(–color-content-primary,#121212);margin-top:8px;}.css-1rtwj47{list-style:none;counter-reset:list-block-counter;display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-flex-flow:row nowrap;-ms-flex-flow:row nowrap;flex-flow:row nowrap;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}@media (min-width:600px){.container-size-small:not(.device-mobile) .css-1rtwj47,.container-size-medium:not(.device-mobile) .css-1rtwj47{display:none;}}.css-r4qme7{margin:0 6px 0 0;width:6px;height:6px;border-radius:50%;background-color:var(–color-background-quaternary,#C7C7C7);-webkit-transition:background-color 0.2s ease;transition:background-color 0.2s ease;}.css-l2ja0s{position:relative;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex:none;-ms-flex:none;flex:none;-webkit-flex-flow:row nowrap;-ms-flex-flow:row nowrap;flex-flow:row nowrap;margin-left:-20px;width:calc(100% + 40px);overflow-y:hidden;-webkit-scroll-snap-type:x mandatory;-moz-scroll-snap-type:x mandatory;-ms-scroll-snap-type:x mandatory;scroll-snap-type:x mandatory;-webkit-overflow-scrolling:touch;-webkit-scroll-behavior:smooth;-moz-scroll-behavior:smooth;-ms-scroll-behavior:smooth;scroll-behavior:smooth;z-index:2;-webkit-scrollbar-width:none;-moz-scrollbar-width:none;-ms-scrollbar-width:none;scrollbar-width:none;-webkit-clip-path:inset(0 20px);clip-path:inset(0 20px);}.container-size-small:not(.device-mobile) .css-l2ja0s,.container-size-medium:not(.device-mobile) .css-l2ja0s,.container-size-large:not(.device-mobile) .css-l2ja0s,.container-size-extra-large:not(.device-mobile) .css-l2ja0s{-webkit-scroll-behavior:auto;-moz-scroll-behavior:auto;-ms-scroll-behavior:auto;scroll-behavior:auto;}.css-l2ja0s::-webkit-scrollbar{display:none;}@media (min-width:600px){.standalone-burst .css-l2ja0s,.nytapp-vi-interactive .css-l2ja0s,.nytapp-hybrid-article .css-l2ja0s,.nytapp-vi-article .css-l2ja0s,.nytapp-vi-liveblog .css-l2ja0s,.nytapp-hybrid-article .css-l2ja0s,.nytapp-vi-article .css-l2ja0s,.nytapp-vi-liveblog .css-l2ja0s{margin-left:0;width:auto;}}@media (min-width:880px){.standalone-burst .css-l2ja0s,.nytapp-vi-interactive .css-l2ja0s,.nytapp-hybrid-article .css-l2ja0s,.nytapp-vi-article .css-l2ja0s,.nytapp-vi-liveblog .css-l2ja0s,.nytapp-hybrid-article .css-l2ja0s,.nytapp-vi-article .css-l2ja0s,.nytapp-vi-liveblog .css-l2ja0s{-webkit-clip-path:none;clip-path:none;}}.css-jwq7d{position:relative;-webkit-flex:none;-ms-flex:none;flex:none;padding:0 20px;width:100%;-webkit-scroll-snap-align:center;-moz-scroll-snap-align:center;-ms-scroll-snap-align:center;scroll-snap-align:center;-webkit-scroll-snap-stop:always;-moz-scroll-snap-stop:always;-ms-scroll-snap-stop:always;scroll-snap-stop:always;box-sizing:border-box;}@media (min-width:880px){.standalone-burst .css-jwq7d,.nytapp-vi-interactive .css-jwq7d,.nytapp-hybrid-article .css-jwq7d,.nytapp-vi-article .css-jwq7d,.nytapp-vi-liveblog .css-jwq7d,.nytapp-hybrid-article .css-jwq7d,.nytapp-vi-article .css-jwq7d,.nytapp-vi-liveblog .css-jwq7d{padding:0;margin-right:3px;}}.container-size-large:not(.device-mobile) .css-jwq7d,.container-size-extra-large:not(.device-mobile) .css-jwq7d{padding:0 16px;}.css-19fajos{display:block;width:100%;background-color:var(–color-background-primary,#FFFFFF);box-sizing:border-box;border-top:1px solid transparent;}@media (min-width:600px){.standalone-burst .css-19fajos,.nytapp-vi-interactive .css-19fajos,.nytapp-hybrid-article .css-19fajos,.nytapp-vi-article .css-19fajos,.nytapp-vi-liveblog .css-19fajos{margin-top:37px;}}.css-132ndh0{position:relative;margin-bottom:5px;}@media (min-width:600px){.css-132ndh0{margin-bottom:20px;}}@media (min-width:880px){.standalone-burst .css-132ndh0,.nytapp-vi-interactive .css-132ndh0,.nytapp-hybrid-article .css-132ndh0,.nytapp-vi-article .css-132ndh0,.nytapp-vi-liveblog .css-132ndh0,.nytapp-hybrid-article .css-132ndh0,.nytapp-vi-article .css-132ndh0,.nytapp-vi-liveblog .css-132ndh0{margin:0;}}.container-size-small:not(.device-mobile) .css-132ndh0,.container-size-medium:not(.device-mobile) .css-132ndh0{margin-bottom:0;}.container-size-large:not(.device-mobile) .css-132ndh0,.container-size-extra-large:not(.device-mobile) .css-132ndh0{overflow:hidden;margin-bottom:16px;}@media (max-width:600px){.standalone-burst .css-132ndh0,.nytapp-vi-interactive .css-132ndh0,.nytapp-hybrid-article .css-132ndh0,.nytapp-vi-article .css-132ndh0,.nytapp-vi-liveblog .css-132ndh0,.nytapp-hybrid-article .css-132ndh0,.nytapp-vi-article .css-132ndh0,.nytapp-vi-liveblog .css-132ndh0{margin-bottom:0;}}.css-1ro715c{position:relative;margin:10px 0 0;line-height:0;text-align:center;min-height:10px;}.standalone-burst .css-1ro715c,.nytapp-vi-interactive .css-1ro715c,.nytapp-hybrid-article .css-1ro715c,.nytapp-vi-article .css-1ro715c,.nytapp-vi-liveblog .css-1ro715c,.nytapp-hybrid-article .css-1ro715c,.nytapp-vi-article .css-1ro715c,.nytapp-vi-liveblog .css-1ro715c{margin-top:0;padding:19px 0;}@media (min-width:600px){.standalone-burst .css-1ro715c,.nytapp-vi-interactive .css-1ro715c,.nytapp-hybrid-article .css-1ro715c,.nytapp-vi-article .css-1ro715c,.nytapp-vi-liveblog .css-1ro715c,.nytapp-hybrid-article .css-1ro715c,.nytapp-vi-article .css-1ro715c,.nytapp-vi-liveblog .css-1ro715c{margin-top:16px;}}@media (min-width:880px){.standalone-burst .css-1ro715c,.nytapp-vi-interactive .css-1ro715c,.nytapp-hybrid-article .css-1ro715c,.nytapp-vi-article .css-1ro715c,.nytapp-vi-liveblog .css-1ro715c,.nytapp-hybrid-article .css-1ro715c,.nytapp-vi-article .css-1ro715c,.nytapp-vi-liveblog .css-1ro715c{padding:21px 0;}}@media (max-width:600px){.standalone-burst .css-1ro715c,.nytapp-vi-interactive .css-1ro715c,.nytapp-hybrid-article .css-1ro715c,.nytapp-vi-article .css-1ro715c,.nytapp-vi-liveblog .css-1ro715c{padding:16px 0;}}.container-size-large:not(.device-mobile) .css-1ro715c,.container-size-extra-large:not(.device-mobile) .css-1ro715c{display:none;}.container-size-small:not(.device-mobile) .css-1ro715c,.container-size-medium:not(.device-mobile) .css-1ro715c{display:none;}.device-mobile .css-1ro715c{min-height:0;margin:16px 0;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}.container-size-large:not(.device-mobile) .css-z8o32l,.container-size-extra-large:not(.device-mobile) .css-z8o32l{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}.container-size-small:not(.device-mobile) .css-z8o32l,.container-size-medium:not(.device-mobile) .css-z8o32l{margin-top:16px;}.css-1t737kv{background-color:var(–color-background-primary,#FFFFFF);box-sizing:border-box;border-top:1px solid transparent;border-bottom:1px solid transparent;border-radius:0;overflow:hidden;}@media (min-width:600px){.standalone-burst .css-1t737kv,.nytapp-vi-interactive .css-1t737kv,.nytapp-hybrid-article .css-1t737kv,.nytapp-vi-article .css-1t737kv,.nytapp-vi-liveblog .css-1t737kv,.nytapp-hybrid-article .css-1t737kv,.nytapp-vi-article .css-1t737kv,.nytapp-vi-liveblog .css-1t737kv{border:1px solid var(–color-stroke-quaternary,#DFDFDF);}}.nytapp-vi-liveblog .css-1t737kv{background-color:var(–color-background-secondary,#F8F8F8);}@media (max-width:600px){.css-1t737kv{box-shadow:none;}}.container-size-large:not(.device-mobile) .css-1t737kv,.container-size-extra-large:not(.device-mobile) .css-1t737kv{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;}.container-size-small:not(.device-mobile) .css-1t737kv,.container-size-medium:not(.device-mobile) .css-1t737kv{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;}.container-size-small:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv),.container-size-medium:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv),.container-size-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv),.container-size-extra-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv){display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;}.container-size-small:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover,.container-size-medium:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover,.container-size-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover,.container-size-extra-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover{cursor:pointer;}.container-size-small:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’title’] > h2:not(.arrow-hover),.container-size-medium:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’title’] > h2:not(.arrow-hover),.container-size-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’title’] > h2:not(.arrow-hover),.container-size-extra-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’title’] > h2:not(.arrow-hover),.container-size-small:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-name’],.container-size-medium:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-name’],.container-size-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-name’],.container-size-extra-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-name’],.container-size-small:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-desc’],.container-size-medium:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-desc’],.container-size-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-desc’],.container-size-extra-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover [data-testid=’author-desc’]{color:var(–color-content-tertiary,#5A5A5A);}.container-size-small:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover .arrow-right:not([aria-disabled=’true’]),.container-size-medium:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover .arrow-right:not([aria-disabled=’true’]),.container-size-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover .arrow-right:not([aria-disabled=’true’]),.container-size-extra-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv):hover .arrow-right:not([aria-disabled=’true’]){background-color:var(–color-stroke-quaternary,#DFDFDF);}.container-size-small:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv) [data-testid=’arrow-left’]:hover:not([aria-disabled=’true’]) ~ [data-testid=’arrow-right’],.container-size-medium:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv) [data-testid=’arrow-left’]:hover:not([aria-disabled=’true’]) ~ [data-testid=’arrow-right’],.container-size-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv) [data-testid=’arrow-left’]:hover:not([aria-disabled=’true’]) ~ [data-testid=’arrow-right’],.container-size-extra-large:not(.device-mobile) .css-1t737kv:not(.exit-card .css-1t737kv) [data-testid=’arrow-left’]:hover:not([aria-disabled=’true’]) ~ [data-testid=’arrow-right’]{background-color:transparent;}.css-1t737kv:focus{outline:none;}.css-xesrhe{border:1px solid var(–color-stroke-tertiary,#C7C7C7);margin:0;}@media (min-width:600px){.standalone-burst .css-xesrhe,.nytapp-vi-interactive .css-xesrhe,.nytapp-hybrid-article .css-xesrhe,.nytapp-vi-article .css-xesrhe,.nytapp-vi-liveblog .css-xesrhe,.nytapp-hybrid-article .css-xesrhe,.nytapp-vi-article .css-xesrhe,.nytapp-vi-liveblog .css-xesrhe{border:none;}}@media (max-width:600px){.standalone-burst .css-xesrhe:not( .nytapp-hybrid-article .css-xesrhe, .nytapp-vi-article .css-xesrhe, .nytapp-vi-liveblog .css-xesrhe),.nytapp-vi-interactive .css-xesrhe:not( .nytapp-hybrid-article .css-xesrhe, .nytapp-vi-article .css-xesrhe, .nytapp-vi-liveblog .css-xesrhe),.nytapp-hybrid-article .css-xesrhe:not( .nytapp-hybrid-article .css-xesrhe, .nytapp-vi-article .css-xesrhe, .nytapp-vi-liveblog .css-xesrhe),.nytapp-vi-article .css-xesrhe:not( .nytapp-hybrid-article .css-xesrhe, .nytapp-vi-article .css-xesrhe, .nytapp-vi-liveblog .css-xesrhe),.nytapp-vi-liveblog .css-xesrhe:not( .nytapp-hybrid-article .css-xesrhe, .nytapp-vi-article .css-xesrhe, .nytapp-vi-liveblog .css-xesrhe){margin:20px;}}@media (max-width:600px){.nytapp-vi-liveblog .css-xesrhe{background-color:var(–color-background-secondary,#F8F8F8);}}.container-size-large:not(.device-mobile) .css-xesrhe,.container-size-extra-large:not(.device-mobile) .css-xesrhe,.container-size-small:not(.device-mobile) .css-xesrhe,.container-size-medium:not(.device-mobile) .css-xesrhe{border:1px solid var(–color-stroke-quaternary,#DFDFDF);}.css-tln3v{display:none;}.container-size-large:not(.device-mobile) .css-tln3v,.container-size-extra-large:not(.device-mobile) .css-tln3v{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;min-width:100px;z-index:10;margin-top:16px;}.container-size-small:not(.device-mobile) .css-tln3v,.container-size-medium:not(.device-mobile) .css-tln3v{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:end;-webkit-justify-content:flex-end;-ms-flex-pack:end;justify-content:flex-end;z-index:10;}.container-size-large:not(.device-mobile) .css-u0gnr2,.container-size-extra-large:not(.device-mobile) .css-u0gnr2{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;min-width:25%;}.css-1dww2ph{margin:0 auto;max-width:420px;font-family:NYTFranklinLight,Helvetica,Arial,sans-serif;-webkit-overflow-scrolling:touch;overscroll-behavior:contain;}@media (min-width:880px){.standalone-burst .css-1dww2ph,.nytapp-vi-interactive .css-1dww2ph,.nytapp-hybrid-article .css-1dww2ph,.nytapp-vi-article .css-1dww2ph,.nytapp-vi-liveblog .css-1dww2ph,.nytapp-hybrid-article .css-1dww2ph,.nytapp-vi-article .css-1dww2ph,.nytapp-vi-liveblog .css-1dww2ph{max-width:840px;}}.container-size-large:not(.device-mobile) .css-1dww2ph,.container-size-extra-large:not(.device-mobile) .css-1dww2ph{max-width:840px;}@font-face{font-family:NYTFranklinLight;font-style:normal;font-weight:300;src:url(https://g1.nyt.com/fonts/family/franklin/franklin-normal-300.woff) format(‘woff’);}@font-face{font-family:NYTFranklinRegular;font-style:normal;font-weight:400;src:url(https://g1.nyt.com/fonts/family/franklin/franklin-normal-400.woff) format(‘woff’);}@font-face{font-family:NYTFranklinMedium;font-style:normal;font-weight:500;src:url(https://g1.nyt.com/fonts/family/franklin/franklin-normal-500.woff) format(‘woff’);}@font-face{font-family:NYTFranklinSemibold;font-style:normal;font-weight:600;src:url(https://g1.nyt.com/fonts/family/franklin/franklin-normal-600.woff) format(‘woff’);}@font-face{font-family:NYTFranklinBold;font-style:normal;font-weight:700;src:url(https://g1.nyt.com/fonts/family/franklin/franklin-normal-700.woff) format(‘woff’);}@font-face{font-family:NYTFranklinLightItalic;font-style:italic;font-weight:300;src:url(https://g1.nyt.com/fonts/family/franklin/franklin-italic-300.woff) format(‘woff’);}@font-face{font-family:NYTCheltenhamMedium;font-style:normal;font-weight:400;src:url(https://g1.nyt.com/fonts/family/cheltenham/cheltenham-normal-400.woff) format(‘woff’);}@font-face{font-family:NYTCheltenhamBold;font-style:normal;font-weight:700;src:url(https://g1.nyt.com/fonts/family/cheltenham/cheltenham-normal-700.woff) format(‘woff’);}@font-face{font-family:NYTImperialMedium;font-style:normal;font-weight:400;src:url(https://g1.nyt.com/fonts/family/imperial/imperial-normal-400.woff) format(‘woff’);}@font-face{font-family:NYTImperialBold;font-style:normal;font-weight:700;src:url(https://g1.nyt.com/fonts/family/imperial/imperial-normal-700.woff) format(‘woff’);}@font-face{font-family:NYTImperialItalic;font-style:italic;font-weight:400;src:url(https://g1.nyt.com/fonts/family/imperial/imperial-italic-400.woff) format(‘woff’);}main *{margin:0;padding:0;}.nytapp-vi-interactive body{margin:0;background-color:var(–color-background-primary,#FFFFFF);}.nytapp-vi-interactive #standalone-header{background-color:var(–color-background-primary,#FFFFFF);}.nytapp-vi-interactive #masthead-bar-one,.nytapp-vi-interactive #interactive-header,.nytapp-vi-interactive .interactive-sharetools{display:none;}.nytapp-vi-interactive .interactive-content{margin:0;width:100%;}.nytapp-vi-interactive .burst{min-height:calc(100vh – 37px – 48px);}@media (min-width:1024px){.nytapp-vi-interactive .capsule-dropzone-belowMasthead{margin-top:68px;}.nytapp-vi-interactive .burst{min-height:calc(100vh – 37px – 43px);}}.nytapp-home-interactive{overflow:hidden;}.nytapp-home-interactive body{overflow:hidden;}.nytapp-home-interactive .burst-app{overflow:hidden;height:auto;}[data-hp-full-width=”true”] .burst-app{margin:0 20px;}@media (min-width:880px){.Hybrid article .burst-app,.nytapp-hybrid-article .burst-app,.nytapp-vi-article .burst-app,.nytapp-vi-liveblog .burst-app{margin:-25px 0;-webkit-transform:scale(0.9);-ms-transform:scale(0.9);transform:scale(0.9);}}.css-yshuyg{position:relative;background-color:var(–color-background-secondary,#F8F8F8);padding-bottom:100%;}.css-yshuyg >:first-of-type{position:absolute !important;top:0;left:0;width:100%;height:100%;}@media (max-width:600px){.exit-card .css-yshuyg{padding-bottom:0;}}@media (min-width:880px){.standalone-burst .exit-card .css-yshuyg,.nytapp-vi-interactive .exit-card .css-yshuyg,.nytapp-hybrid-article .exit-card .css-yshuyg,.nytapp-vi-article .exit-card .css-yshuyg,.nytapp-vi-liveblog .exit-card .css-yshuyg,.nytapp-hybrid-article .exit-card .css-yshuyg,.nytapp-vi-article .exit-card .css-yshuyg,.nytapp-vi-liveblog .exit-card .css-yshuyg{padding-bottom:0;max-height:91px;}}@media (max-width:879px){.standalone-burst .exit-card .css-yshuyg,.nytapp-vi-interactive .exit-card .css-yshuyg,.nytapp-hybrid-article .exit-card .css-yshuyg,.nytapp-vi-article .exit-card .css-yshuyg,.nytapp-vi-liveblog .exit-card .css-yshuyg,.nytapp-hybrid-article .exit-card .css-yshuyg,.nytapp-vi-article .exit-card .css-yshuyg,.nytapp-vi-liveblog .exit-card .css-yshuyg{padding-bottom:0;max-height:91px;}}.container-size-small:not(.device-mobile) .exit-card .css-yshuyg,.container-size-medium:not(.device-mobile) .exit-card .css-yshuyg,.container-size-large:not(.device-mobile) .exit-card .css-yshuyg,.container-size-extra-large:not(.device-mobile) .exit-card .css-yshuyg,.device-mobile .exit-card .css-yshuyg{padding-bottom:0;max-height:91px;}.css-hp69h6{max-height:600px;padding-top:12px;}.css-hp69h6.exit-card,.exit-card .css-hp69h6{margin:0;}@media (min-width:880px){.css-hp69h6{padding-top:0;}.standalone-burst .css-hp69h6,.nytapp-vi-interactive .css-hp69h6,.nytapp-hybrid-article .css-hp69h6,.nytapp-vi-article .css-hp69h6,.nytapp-vi-liveblog .css-hp69h6,.nytapp-hybrid-article .css-hp69h6,.nytapp-vi-article .css-hp69h6,.nytapp-vi-liveblog .css-hp69h6{height:420px;}.standalone-burst .css-hp69h6.exit-card,.nytapp-vi-interactive .css-hp69h6.exit-card,.nytapp-hybrid-article .css-hp69h6.exit-card,.nytapp-vi-article .css-hp69h6.exit-card,.nytapp-vi-liveblog .css-hp69h6.exit-card,.nytapp-hybrid-article .css-hp69h6.exit-card,.nytapp-vi-article .css-hp69h6.exit-card,.nytapp-vi-liveblog .css-hp69h6.exit-card,.exit-card .standalone-burst .css-hp69h6,.exit-card .nytapp-vi-interactive .css-hp69h6,.exit-card .nytapp-hybrid-article .css-hp69h6,.exit-card .nytapp-vi-article .css-hp69h6,.exit-card .nytapp-vi-liveblog .css-hp69h6,.exit-card .nytapp-hybrid-article .css-hp69h6,.exit-card .nytapp-vi-article .css-hp69h6,.exit-card .nytapp-vi-liveblog .css-hp69h6{padding:16px;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}.css-hp69h6.exit-card,.exit-card .css-hp69h6{box-sizing:border-box;padding:40px 0;}}@media (max-width:600px){.standalone-burst .css-hp69h6,.nytapp-vi-interactive .css-hp69h6,.nytapp-hybrid-article .css-hp69h6,.nytapp-vi-article .css-hp69h6,.nytapp-vi-liveblog .css-hp69h6{padding-right:16px;padding-left:16px;}}.container-size-large:not(.device-mobile) .css-hp69h6,.container-size-extra-large:not(.device-mobile) .css-hp69h6{height:100%;padding-top:16px;padding-bottom:0px;}.container-size-small:not(.device-mobile) .css-hp69h6,.container-size-medium:not(.device-mobile) .css-hp69h6{padding-top:12px;}.container-size-small:not(.device-mobile) .css-hp69h6:not(.container-size-small:not(.device-mobile) .css-hp69h6.exit-card,.exit-card .container-size-small:not(.device-mobile) .css-hp69h6),.container-size-medium:not(.device-mobile) .css-hp69h6:not(.container-size-medium:not(.device-mobile) .css-hp69h6.exit-card,.exit-card .container-size-medium:not(.device-mobile) .css-hp69h6){padding-top:0;}.device-mobile .css-hp69h6:not(.device-mobile .css-hp69h6.exit-card,.exit-card .device-mobile .css-hp69h6){padding-top:0;}@media (max-width:600px){.standalone-burst .css-hp69h6,.nytapp-vi-interactive .css-hp69h6,.nytapp-hybrid-article .css-hp69h6,.nytapp-vi-article .css-hp69h6,.nytapp-vi-liveblog .css-hp69h6,.nytapp-hybrid-article .css-hp69h6,.nytapp-vi-article .css-hp69h6,.nytapp-vi-liveblog .css-hp69h6{padding-top:0;}}@media (max-width:879px){.standalone-burst .css-hp69h6.exit-card,.standalone-burst .exit-card .css-hp69h6,.nytapp-vi-interactive .css-hp69h6.exit-card,.nytapp-vi-interactive .exit-card .css-hp69h6,.nytapp-hybrid-article .css-hp69h6.exit-card,.nytapp-hybrid-article .exit-card .css-hp69h6,.nytapp-vi-article .css-hp69h6.exit-card,.nytapp-vi-article .exit-card .css-hp69h6,.nytapp-vi-liveblog .css-hp69h6.exit-card,.nytapp-vi-liveblog .exit-card .css-hp69h6,.nytapp-hybrid-article .css-hp69h6.exit-card,.nytapp-hybrid-article .exit-card .css-hp69h6,.nytapp-vi-article .css-hp69h6.exit-card,.nytapp-vi-article .exit-card .css-hp69h6,.nytapp-vi-liveblog .css-hp69h6.exit-card,.nytapp-vi-liveblog .exit-card .css-hp69h6{padding-top:16px;}}.container-size-small:not(.device-mobile) .css-hp69h6,.container-size-medium:not(.device-mobile) .css-hp69h6,.container-size-large:not(.device-mobile) .css-hp69h6,.container-size-extra-large:not(.device-mobile) .css-hp69h6{opacity:1;-webkit-transition:opacity 0.9s ease 0s;transition:opacity 0.9s ease 0s;}.css-1wvdix{display:grid;grid-template-columns:1fr;}.css-1wvdix p:last-child{margin-bottom:0;}@media (min-width:880px){.exit-card .css-1wvdix{max-width:100%;}}.container-size-large:not(.device-mobile) .css-1wvdix,.container-size-extra-large:not(.device-mobile) .css-1wvdix{max-width:100%;}@media (min-width:880px){.standalone-burst .css-1wvdix.exit-card,.standalone-burst .exit-card .css-1wvdix,.nytapp-vi-interactive .css-1wvdix.exit-card,.nytapp-vi-interactive .exit-card .css-1wvdix,.nytapp-hybrid-article .css-1wvdix.exit-card,.nytapp-hybrid-article .exit-card .css-1wvdix,.nytapp-vi-article .css-1wvdix.exit-card,.nytapp-vi-article .exit-card .css-1wvdix,.nytapp-vi-liveblog .css-1wvdix.exit-card,.nytapp-vi-liveblog .exit-card .css-1wvdix,.nytapp-hybrid-article .css-1wvdix.exit-card,.nytapp-hybrid-article .exit-card .css-1wvdix,.nytapp-vi-article .css-1wvdix.exit-card,.nytapp-vi-article .exit-card .css-1wvdix,.nytapp-vi-liveblog .css-1wvdix.exit-card,.nytapp-vi-liveblog .exit-card .css-1wvdix{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}}@media (min-width:880px){.css-1wvdix{max-width:100%;}.standalone-burst .css-1wvdix,.nytapp-vi-interactive .css-1wvdix,.nytapp-hybrid-article .css-1wvdix,.nytapp-vi-article .css-1wvdix,.nytapp-vi-liveblog .css-1wvdix,.nytapp-hybrid-article .css-1wvdix,.nytapp-vi-article .css-1wvdix,.nytapp-vi-liveblog .css-1wvdix{height:100%;grid-template-columns:1fr 1fr;}}.container-size-large:not(.device-mobile) .css-1d5a4iq,.container-size-extra-large:not(.device-mobile) .css-1d5a4iq{max-width:445px;margin-left:16px;}.container-size-small:not(.device-mobile) .css-1d5a4iq,.container-size-medium:not(.device-mobile) .css-1d5a4iq{margin:0 16px 16px;}@media (min-width:600px){.standalone-burst .css-1d5a4iq,.nytapp-vi-interactive .css-1d5a4iq,.nytapp-hybrid-article .css-1d5a4iq,.nytapp-vi-article .css-1d5a4iq,.nytapp-vi-liveblog .css-1d5a4iq{max-width:700px;}}.device-mobile .css-1d5a4iq{margin:0 16px 16px;}.css-1d5a4iq:empty{display:none;}@media (min-width:880px){.standalone-burst .css-1d5a4iq.exit-card,.standalone-burst .exit-card .css-1d5a4iq,.nytapp-vi-interactive .css-1d5a4iq.exit-card,.nytapp-vi-interactive .exit-card .css-1d5a4iq,.nytapp-hybrid-article .css-1d5a4iq.exit-card,.nytapp-hybrid-article .exit-card .css-1d5a4iq,.nytapp-vi-article .css-1d5a4iq.exit-card,.nytapp-vi-article .exit-card .css-1d5a4iq,.nytapp-vi-liveblog .css-1d5a4iq.exit-card,.nytapp-vi-liveblog .exit-card .css-1d5a4iq,.nytapp-hybrid-article .css-1d5a4iq.exit-card,.nytapp-hybrid-article .exit-card .css-1d5a4iq,.nytapp-vi-article .css-1d5a4iq.exit-card,.nytapp-vi-article .exit-card .css-1d5a4iq,.nytapp-vi-liveblog .css-1d5a4iq.exit-card,.nytapp-vi-liveblog .exit-card .css-1d5a4iq{width:524px;}}.container-size-large:not(.device-mobile) .css-1d5a4iq.exit-card,.container-size-large:not(.device-mobile) .exit-card .css-1d5a4iq,.container-size-extra-large:not(.device-mobile) .css-1d5a4iq.exit-card,.container-size-extra-large:not(.device-mobile) .exit-card .css-1d5a4iq{max-width:none;}@media (min-width:600px){.standalone-burst .css-1d5a4iq,.nytapp-vi-interactive .css-1d5a4iq,.nytapp-hybrid-article .css-1d5a4iq,.nytapp-vi-article .css-1d5a4iq,.nytapp-vi-liveblog .css-1d5a4iq{display:contents;}}.container-size-large:not(.device-mobile) .css-1d5a4iq:not(.exit-card .css-1d5a4iq),.container-size-extra-large:not(.device-mobile) .css-1d5a4iq:not(.exit-card .css-1d5a4iq){display:grid;grid-template-columns:50% 50%;max-width:none;}.css-76iq7{position:relative;background-color:var(–color-background-secondary,#F8F8F8);padding-bottom:56.25%;background-image:url(‘data:image/svg+xml,%3Csvg width=”61″ height=”79″ fill=”none” xmlns=”http://www.w3.org/2000/svg”%3E%3Cpath d=”M60.69 48.834a24.986 24.986 0 01-5.418 8.857 24.844 24.844 0 01-8.538 5.872v-14.73l8.054-7.26-8.054-7.178V24.264a12.643 12.643 0 008.714-3.727 12.762 12.762 0 003.71-8.756c0-8.696-8.283-11.775-12.942-11.775a13.707 13.707 0 00-3.769.416v.416h1.843c3.251 0 5.694 1.519 5.694 4.494a4.719 4.719 0 01-1.58 3.335 4.674 4.674 0 01-3.493 1.158c-8.054-.187-17.517-6.72-27.808-6.72C7.951 3.106 1.636 9.95 1.636 16.9c0 6.948 3.955 9.112 8.137 10.652v-.416A4.882 4.882 0 018.1 25.19a4.909 4.909 0 01-.46-2.528 6.085 6.085 0 012.053-4.15 6.028 6.028 0 014.366-1.488c8.656 0 22.59 7.26 31.246 7.26h.828V34.52l-8.055 7.074 8.055 7.26v14.938a30.039 30.039 0 01-10.353 1.727c-13.438 0-21.99-8.176-21.99-21.783a32.602 32.602 0 011.325-9.528l6.71-2.954v30.062l13.644-6.054v-30.79L15.364 33.48a22.095 22.095 0 014.34-7.47 21.979 21.979 0 016.862-5.22l-.104-.209C13.024 23.452 0 33.688 0 49.021 0 66.725 14.867 79 32.177 79 50.502 79 60.897 66.725 61 48.834h-.31z” fill=”%23E2E2E2″/%3E%3C/svg%3E’);background-repeat:no-repeat;background-position:center;}.css-76iq7 >:first-of-type{position:absolute !important;top:0;left:0;width:100%;height:100%;}@media (max-width:600px){.exit-card .css-76iq7{padding-bottom:0;}}@media (min-width:880px){.standalone-burst .exit-card .css-76iq7,.nytapp-vi-interactive .exit-card .css-76iq7,.nytapp-hybrid-article .exit-card .css-76iq7,.nytapp-vi-article .exit-card .css-76iq7,.nytapp-vi-liveblog .exit-card .css-76iq7,.nytapp-hybrid-article .exit-card .css-76iq7,.nytapp-vi-article .exit-card .css-76iq7,.nytapp-vi-liveblog .exit-card .css-76iq7{padding-bottom:0;max-height:91px;}}@media (max-width:879px){.standalone-burst .exit-card .css-76iq7,.nytapp-vi-interactive .exit-card .css-76iq7,.nytapp-hybrid-article .exit-card .css-76iq7,.nytapp-vi-article .exit-card .css-76iq7,.nytapp-vi-liveblog .exit-card .css-76iq7,.nytapp-hybrid-article .exit-card .css-76iq7,.nytapp-vi-article .exit-card .css-76iq7,.nytapp-vi-liveblog .exit-card .css-76iq7{padding-bottom:0;max-height:91px;}}.container-size-small:not(.device-mobile) .exit-card .css-76iq7,.container-size-medium:not(.device-mobile) .exit-card .css-76iq7,.container-size-large:not(.device-mobile) .exit-card .css-76iq7,.container-size-extra-large:not(.device-mobile) .exit-card .css-76iq7,.device-mobile .exit-card .css-76iq7{padding-bottom:0;max-height:91px;}@media (min-width:880px){.standalone-burst .css-76iq7,.nytapp-vi-interactive .css-76iq7,.nytapp-hybrid-article .css-76iq7,.nytapp-vi-article .css-76iq7,.nytapp-vi-liveblog .css-76iq7{padding-bottom:100%;}}.css-jq36vy{display:block;margin-top:4px;text-align:left;font-weight:300;font-size:10px;line-height:16px;color:var(–color-content-quaternary,#727272);width:100%;-webkit-box-pack:end;-webkit-justify-content:flex-end;-ms-flex-pack:end;justify-content:flex-end;text-align:right;float:right;}@media (min-width:880px){.css-jq36vy{margin-top:0;}}@media (min-width:880px){.standalone-burst .css-jq36vy,.nytapp-vi-interactive .css-jq36vy,.nytapp-hybrid-article .css-jq36vy,.nytapp-vi-article .css-jq36vy,.nytapp-vi-liveblog .css-jq36vy{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:start;-webkit-justify-content:start;-ms-flex-pack:start;justify-content:start;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}}@media (min-width:880px){.nytapp-hybrid-article .css-jq36vy,.nytapp-vi-article .css-jq36vy,.nytapp-vi-liveblog .css-jq36vy{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:start;-webkit-justify-content:start;-ms-flex-pack:start;justify-content:start;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}}.container-size-large:not(.device-mobile) .css-jq36vy,.container-size-extra-large:not(.device-mobile) .css-jq36vy{margin-top:4px;display:inline;float:left;}.container-size-small:not(.device-mobile) .css-jq36vy,.container-size-medium:not(.device-mobile) .css-jq36vy{margin-top:4px;margin-bottom:12px;}@media (max-width:600px){.css-jq36vy{margin-bottom:12px;}}.css-jq36vy:empty{display:none;}@media (min-width:880px){.css-jq36vy:not(.container-size-large:not(.device-mobile) .css-jq36vy,.container-size-extra-large:not(.device-mobile) .css-jq36vy):not(.container-size-small:not(.device-mobile) .css-jq36vy:not(.container-size-large:not(.device-mobile) .css-jq36vy,.container-size-extra-large:not(.device-mobile) .css-jq36vy),.container-size-medium:not(.device-mobile) .css-jq36vy:not(.container-size-large:not(.device-mobile) .css-jq36vy,.container-size-extra-large:not(.device-mobile) .css-jq36vy)){display:inline;position:absolute;left:0;bottom:0;padding:0 16px 16px;margin-top:16px;width:50%;box-sizing:border-box;}}.css-igu1eh{display:block;margin-bottom:12px;grid-column:1;font-family:NYTImperialMedium,Georgia,Times New Roman,Times,serif;font-size:16px;line-height:22px;color:var(–color-content-secondary,#363636);text-align:left;}@media (min-width:880px){.css-igu1eh{margin-bottom:16px;}.standalone-burst .css-igu1eh,.nytapp-vi-interactive .css-igu1eh,.nytapp-hybrid-article .css-igu1eh,.nytapp-vi-article .css-igu1eh,.nytapp-vi-liveblog .css-igu1eh,.nytapp-hybrid-article .css-igu1eh,.nytapp-vi-article .css-igu1eh,.nytapp-vi-liveblog .css-igu1eh{margin-left:16px;margin-right:16px;}}.container-size-large:not(.device-mobile) .css-igu1eh,.container-size-extra-large:not(.device-mobile) .css-igu1eh{margin-right:16px;margin-bottom:8px;}.container-size-small:not(.device-mobile) .css-igu1eh,.container-size-medium:not(.device-mobile) .css-igu1eh{margin-bottom:8px;}@media (max-width:600px){.standalone-burst .css-igu1eh,.nytapp-vi-interactive .css-igu1eh,.nytapp-hybrid-article .css-igu1eh,.nytapp-vi-article .css-igu1eh,.nytapp-vi-liveblog .css-igu1eh{margin-bottom:8px;}}@media (max-width:879px){.standalone-burst .css-igu1eh,.nytapp-vi-interactive .css-igu1eh,.nytapp-hybrid-article .css-igu1eh,.nytapp-vi-article .css-igu1eh,.nytapp-vi-liveblog .css-igu1eh{color:var(–color-content-tertiary,#5A5A5A);}}@media (min-width:740px){.container-size-small:not(.device-mobile) .css-igu1eh,.container-size-medium:not(.device-mobile) .css-igu1eh,.container-size-large:not(.device-mobile) .css-igu1eh,.container-size-extra-large:not(.device-mobile) .css-igu1eh{font-size:14px;line-height:19px;}}@media (min-width:880px){.standalone-burst .css-igu1eh,.nytapp-vi-interactive .css-igu1eh,.nytapp-hybrid-article .css-igu1eh,.nytapp-vi-article .css-igu1eh,.nytapp-vi-liveblog .css-igu1eh{font-size:20px;line-height:30px;color:var(–color-content-secondary,#363636);}.css-igu1eh + p:not(.is-link-block){margin-top:-2px;}[data-has-expandable-block=”true”] .css-igu1eh:not(.container-size-small:not(.device-mobile) .css-igu1eh,.container-size-medium:not(.device-mobile) .css-igu1eh) .css-igu1eh,[data-has-expandable-block=”true”] .css-igu1eh:not(.container-size-large:not(.device-mobile) .css-igu1eh,.container-size-extra-large:not(.device-mobile) .css-igu1eh) .css-igu1eh{font-size:21px;line-height:27px;}[data-has-expandable-block=”true”] .css-igu1eh:not(.container-size-small:not(.device-mobile) .css-igu1eh,.container-size-medium:not(.device-mobile) .css-igu1eh) .css-igu1eh + p:not(.is-link-block),[data-has-expandable-block=”true”] .css-igu1eh:not(.container-size-large:not(.device-mobile) .css-igu1eh,.container-size-extra-large:not(.device-mobile) .css-igu1eh) .css-igu1eh + p:not(.is-link-block){margin-top:-3px;}}.css-igu1eh strong{font-family:NYTFranklinSemibold,Helvetica,Arial,sans-serif;font-weight:600;font-family:NYTImperialBold,Georgia,Times New Roman,Times,serif;font-size:16px;line-height:22px;}.container-size-small:not(.device-mobile) .css-igu1eh strong,.container-size-medium:not(.device-mobile) .css-igu1eh strong,.container-size-large:not(.device-mobile) .css-igu1eh strong,.container-size-extra-large:not(.device-mobile) .css-igu1eh strong{font-size:14px;line-height:20px;}@media (min-width:880px){.css-igu1eh strong{font-size:21px;line-height:27px;}[data-has-expandable-block=”true”] .css-igu1eh strong{font-size:20px;line-height:26px;}}@media (min-width:880px){.standalone-burst .css-igu1eh.exit-card,.standalone-burst .exit-card .css-igu1eh,.nytapp-vi-interactive .css-igu1eh.exit-card,.nytapp-vi-interactive .exit-card .css-igu1eh,.nytapp-hybrid-article .css-igu1eh.exit-card,.nytapp-hybrid-article .exit-card .css-igu1eh,.nytapp-vi-article .css-igu1eh.exit-card,.nytapp-vi-article .exit-card .css-igu1eh,.nytapp-vi-liveblog .css-igu1eh.exit-card,.nytapp-vi-liveblog .exit-card .css-igu1eh,.nytapp-hybrid-article .css-igu1eh.exit-card,.nytapp-hybrid-article .exit-card .css-igu1eh,.nytapp-vi-article .css-igu1eh.exit-card,.nytapp-vi-article .exit-card .css-igu1eh,.nytapp-vi-liveblog .css-igu1eh.exit-card,.nytapp-vi-liveblog .exit-card .css-igu1eh{margin:0px 0px 20px 0px;}}.container-size-small:not(.device-mobile) .css-igu1eh.exit-card,.container-size-small:not(.device-mobile) .exit-card .css-igu1eh,.container-size-medium:not(.device-mobile) .css-igu1eh.exit-card,.container-size-medium:not(.device-mobile) .exit-card .css-igu1eh,.device-mobile .css-igu1eh.exit-card,.device-mobile .exit-card .css-igu1eh{margin-bottom:16px;text-align:left;}.container-size-large:not(.device-mobile) .css-igu1eh.exit-card,.container-size-large:not(.device-mobile) .exit-card .css-igu1eh,.container-size-extra-large:not(.device-mobile) .css-igu1eh.exit-card,.container-size-extra-large:not(.device-mobile) .exit-card .css-igu1eh{text-align:left;margin-bottom:0px;}.css-1pagdy8{max-height:600px;padding-top:12px;visibility:hidden;}.css-1pagdy8.exit-card,.exit-card .css-1pagdy8{margin:0;}@media (min-width:880px){.css-1pagdy8{padding-top:0;}.standalone-burst .css-1pagdy8,.nytapp-vi-interactive .css-1pagdy8,.nytapp-hybrid-article .css-1pagdy8,.nytapp-vi-article .css-1pagdy8,.nytapp-vi-liveblog .css-1pagdy8,.nytapp-hybrid-article .css-1pagdy8,.nytapp-vi-article .css-1pagdy8,.nytapp-vi-liveblog .css-1pagdy8{height:420px;}.standalone-burst .css-1pagdy8.exit-card,.nytapp-vi-interactive .css-1pagdy8.exit-card,.nytapp-hybrid-article .css-1pagdy8.exit-card,.nytapp-vi-article .css-1pagdy8.exit-card,.nytapp-vi-liveblog .css-1pagdy8.exit-card,.nytapp-hybrid-article .css-1pagdy8.exit-card,.nytapp-vi-article .css-1pagdy8.exit-card,.nytapp-vi-liveblog .css-1pagdy8.exit-card,.exit-card .standalone-burst .css-1pagdy8,.exit-card .nytapp-vi-interactive .css-1pagdy8,.exit-card .nytapp-hybrid-article .css-1pagdy8,.exit-card .nytapp-vi-article .css-1pagdy8,.exit-card .nytapp-vi-liveblog .css-1pagdy8,.exit-card .nytapp-hybrid-article .css-1pagdy8,.exit-card .nytapp-vi-article .css-1pagdy8,.exit-card .nytapp-vi-liveblog .css-1pagdy8{padding:16px;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}.css-1pagdy8.exit-card,.exit-card .css-1pagdy8{box-sizing:border-box;padding:40px 0;}}@media (max-width:600px){.standalone-burst .css-1pagdy8,.nytapp-vi-interactive .css-1pagdy8,.nytapp-hybrid-article .css-1pagdy8,.nytapp-vi-article .css-1pagdy8,.nytapp-vi-liveblog .css-1pagdy8{padding-right:16px;padding-left:16px;}}.container-size-large:not(.device-mobile) .css-1pagdy8,.container-size-extra-large:not(.device-mobile) .css-1pagdy8{height:100%;padding-top:16px;padding-bottom:0px;}.container-size-small:not(.device-mobile) .css-1pagdy8,.container-size-medium:not(.device-mobile) .css-1pagdy8{padding-top:12px;}.container-size-small:not(.device-mobile) .css-1pagdy8:not(.container-size-small:not(.device-mobile) .css-1pagdy8.exit-card,.exit-card .container-size-small:not(.device-mobile) .css-1pagdy8),.container-size-medium:not(.device-mobile) .css-1pagdy8:not(.container-size-medium:not(.device-mobile) .css-1pagdy8.exit-card,.exit-card .container-size-medium:not(.device-mobile) .css-1pagdy8){padding-top:0;}.device-mobile .css-1pagdy8:not(.device-mobile .css-1pagdy8.exit-card,.exit-card .device-mobile .css-1pagdy8){padding-top:0;}@media (max-width:600px){.standalone-burst .css-1pagdy8,.nytapp-vi-interactive .css-1pagdy8,.nytapp-hybrid-article .css-1pagdy8,.nytapp-vi-article .css-1pagdy8,.nytapp-vi-liveblog .css-1pagdy8,.nytapp-hybrid-article .css-1pagdy8,.nytapp-vi-article .css-1pagdy8,.nytapp-vi-liveblog .css-1pagdy8{padding-top:0;}}@media (max-width:879px){.standalone-burst .css-1pagdy8.exit-card,.standalone-burst .exit-card .css-1pagdy8,.nytapp-vi-interactive .css-1pagdy8.exit-card,.nytapp-vi-interactive .exit-card .css-1pagdy8,.nytapp-hybrid-article .css-1pagdy8.exit-card,.nytapp-hybrid-article .exit-card .css-1pagdy8,.nytapp-vi-article .css-1pagdy8.exit-card,.nytapp-vi-article .exit-card .css-1pagdy8,.nytapp-vi-liveblog .css-1pagdy8.exit-card,.nytapp-vi-liveblog .exit-card .css-1pagdy8,.nytapp-hybrid-article .css-1pagdy8.exit-card,.nytapp-hybrid-article .exit-card .css-1pagdy8,.nytapp-vi-article .css-1pagdy8.exit-card,.nytapp-vi-article .exit-card .css-1pagdy8,.nytapp-vi-liveblog .css-1pagdy8.exit-card,.nytapp-vi-liveblog .exit-card .css-1pagdy8{padding-top:16px;}}.container-size-small:not(.device-mobile) .css-1pagdy8,.container-size-medium:not(.device-mobile) .css-1pagdy8,.container-size-large:not(.device-mobile) .css-1pagdy8,.container-size-extra-large:not(.device-mobile) .css-1pagdy8{opacity:0;}.css-1eo5em3{display:block;margin-bottom:12px;grid-column:1;font-family:NYTImperialMedium,Georgia,Times New Roman,Times,serif;font-size:16px;line-height:22px;color:var(–color-content-secondary,#363636);text-align:center;}@media (min-width:880px){.css-1eo5em3{margin-bottom:16px;}.standalone-burst .css-1eo5em3,.nytapp-vi-interactive .css-1eo5em3,.nytapp-hybrid-article .css-1eo5em3,.nytapp-vi-article .css-1eo5em3,.nytapp-vi-liveblog .css-1eo5em3,.nytapp-hybrid-article .css-1eo5em3,.nytapp-vi-article .css-1eo5em3,.nytapp-vi-liveblog .css-1eo5em3{margin-left:16px;margin-right:16px;}}.container-size-large:not(.device-mobile) .css-1eo5em3,.container-size-extra-large:not(.device-mobile) .css-1eo5em3{margin-right:16px;margin-bottom:8px;}.container-size-small:not(.device-mobile) .css-1eo5em3,.container-size-medium:not(.device-mobile) .css-1eo5em3{margin-bottom:8px;}@media (max-width:600px){.standalone-burst .css-1eo5em3,.nytapp-vi-interactive .css-1eo5em3,.nytapp-hybrid-article .css-1eo5em3,.nytapp-vi-article .css-1eo5em3,.nytapp-vi-liveblog .css-1eo5em3{margin-bottom:8px;}}@media (max-width:879px){.standalone-burst .css-1eo5em3,.nytapp-vi-interactive .css-1eo5em3,.nytapp-hybrid-article .css-1eo5em3,.nytapp-vi-article .css-1eo5em3,.nytapp-vi-liveblog .css-1eo5em3{color:var(–color-content-tertiary,#5A5A5A);}}@media (min-width:740px){.container-size-small:not(.device-mobile) .css-1eo5em3,.container-size-medium:not(.device-mobile) .css-1eo5em3,.container-size-large:not(.device-mobile) .css-1eo5em3,.container-size-extra-large:not(.device-mobile) .css-1eo5em3{font-size:14px;line-height:19px;}}@media (min-width:880px){.standalone-burst .css-1eo5em3,.nytapp-vi-interactive .css-1eo5em3,.nytapp-hybrid-article .css-1eo5em3,.nytapp-vi-article .css-1eo5em3,.nytapp-vi-liveblog .css-1eo5em3{font-size:20px;line-height:30px;color:var(–color-content-secondary,#363636);}.css-1eo5em3 + p:not(.is-link-block){margin-top:-2px;}[data-has-expandable-block=”true”] .css-1eo5em3:not(.container-size-small:not(.device-mobile) .css-1eo5em3,.container-size-medium:not(.device-mobile) .css-1eo5em3) .css-1eo5em3,[data-has-expandable-block=”true”] .css-1eo5em3:not(.container-size-large:not(.device-mobile) .css-1eo5em3,.container-size-extra-large:not(.device-mobile) .css-1eo5em3) .css-1eo5em3{font-size:21px;line-height:27px;}[data-has-expandable-block=”true”] .css-1eo5em3:not(.container-size-small:not(.device-mobile) .css-1eo5em3,.container-size-medium:not(.device-mobile) .css-1eo5em3) .css-1eo5em3 + p:not(.is-link-block),[data-has-expandable-block=”true”] .css-1eo5em3:not(.container-size-large:not(.device-mobile) .css-1eo5em3,.container-size-extra-large:not(.device-mobile) .css-1eo5em3) .css-1eo5em3 + p:not(.is-link-block){margin-top:-3px;}}.css-1eo5em3 strong{font-family:NYTFranklinSemibold,Helvetica,Arial,sans-serif;font-weight:600;font-family:NYTImperialBold,Georgia,Times New Roman,Times,serif;font-size:16px;line-height:22px;}.container-size-small:not(.device-mobile) .css-1eo5em3 strong,.container-size-medium:not(.device-mobile) .css-1eo5em3 strong,.container-size-large:not(.device-mobile) .css-1eo5em3 strong,.container-size-extra-large:not(.device-mobile) .css-1eo5em3 strong{font-size:14px;line-height:20px;}@media (min-width:880px){.css-1eo5em3 strong{font-size:21px;line-height:27px;}[data-has-expandable-block=”true”] .css-1eo5em3 strong{font-size:20px;line-height:26px;}}@media (min-width:880px){.standalone-burst .css-1eo5em3.exit-card,.standalone-burst .exit-card .css-1eo5em3,.nytapp-vi-interactive .css-1eo5em3.exit-card,.nytapp-vi-interactive .exit-card .css-1eo5em3,.nytapp-hybrid-article .css-1eo5em3.exit-card,.nytapp-hybrid-article .exit-card .css-1eo5em3,.nytapp-vi-article .css-1eo5em3.exit-card,.nytapp-vi-article .exit-card .css-1eo5em3,.nytapp-vi-liveblog .css-1eo5em3.exit-card,.nytapp-vi-liveblog .exit-card .css-1eo5em3,.nytapp-hybrid-article .css-1eo5em3.exit-card,.nytapp-hybrid-article .exit-card .css-1eo5em3,.nytapp-vi-article .css-1eo5em3.exit-card,.nytapp-vi-article .exit-card .css-1eo5em3,.nytapp-vi-liveblog .css-1eo5em3.exit-card,.nytapp-vi-liveblog .exit-card .css-1eo5em3{margin:0px 0px 20px 0px;}}.container-size-small:not(.device-mobile) .css-1eo5em3.exit-card,.container-size-small:not(.device-mobile) .exit-card .css-1eo5em3,.container-size-medium:not(.device-mobile) .css-1eo5em3.exit-card,.container-size-medium:not(.device-mobile) .exit-card .css-1eo5em3,.device-mobile .css-1eo5em3.exit-card,.device-mobile .exit-card .css-1eo5em3{margin-bottom:16px;text-align:left;}.container-size-large:not(.device-mobile) .css-1eo5em3.exit-card,.container-size-large:not(.device-mobile) .exit-card .css-1eo5em3,.container-size-extra-large:not(.device-mobile) .css-1eo5em3.exit-card,.container-size-extra-large:not(.device-mobile) .exit-card .css-1eo5em3{text-align:left;margin-bottom:0px;}.css-5dpq26{position:relative;background-color:var(–color-background-secondary,#F8F8F8);padding-bottom:100%;background-image:url(‘data:image/svg+xml,%3Csvg width=”61″ height=”79″ fill=”none” xmlns=”http://www.w3.org/2000/svg”%3E%3Cpath d=”M60.69 48.834a24.986 24.986 0 01-5.418 8.857 24.844 24.844 0 01-8.538 5.872v-14.73l8.054-7.26-8.054-7.178V24.264a12.643 12.643 0 008.714-3.727 12.762 12.762 0 003.71-8.756c0-8.696-8.283-11.775-12.942-11.775a13.707 13.707 0 00-3.769.416v.416h1.843c3.251 0 5.694 1.519 5.694 4.494a4.719 4.719 0 01-1.58 3.335 4.674 4.674 0 01-3.493 1.158c-8.054-.187-17.517-6.72-27.808-6.72C7.951 3.106 1.636 9.95 1.636 16.9c0 6.948 3.955 9.112 8.137 10.652v-.416A4.882 4.882 0 018.1 25.19a4.909 4.909 0 01-.46-2.528 6.085 6.085 0 012.053-4.15 6.028 6.028 0 014.366-1.488c8.656 0 22.59 7.26 31.246 7.26h.828V34.52l-8.055 7.074 8.055 7.26v14.938a30.039 30.039 0 01-10.353 1.727c-13.438 0-21.99-8.176-21.99-21.783a32.602 32.602 0 011.325-9.528l6.71-2.954v30.062l13.644-6.054v-30.79L15.364 33.48a22.095 22.095 0 014.34-7.47 21.979 21.979 0 016.862-5.22l-.104-.209C13.024 23.452 0 33.688 0 49.021 0 66.725 14.867 79 32.177 79 50.502 79 60.897 66.725 61 48.834h-.31z” fill=”%23E2E2E2″/%3E%3C/svg%3E’);background-repeat:no-repeat;background-position:center;}.css-5dpq26 >:first-of-type{position:absolute !important;top:0;left:0;width:100%;height:100%;}@media (max-width:600px){.exit-card .css-5dpq26{padding-bottom:0;}}@media (min-width:880px){.standalone-burst .exit-card .css-5dpq26,.nytapp-vi-interactive .exit-card .css-5dpq26,.nytapp-hybrid-article .exit-card .css-5dpq26,.nytapp-vi-article .exit-card .css-5dpq26,.nytapp-vi-liveblog .exit-card .css-5dpq26,.nytapp-hybrid-article .exit-card .css-5dpq26,.nytapp-vi-article .exit-card .css-5dpq26,.nytapp-vi-liveblog .exit-card .css-5dpq26{padding-bottom:0;max-height:91px;}}@media (max-width:879px){.standalone-burst .exit-card .css-5dpq26,.nytapp-vi-interactive .exit-card .css-5dpq26,.nytapp-hybrid-article .exit-card .css-5dpq26,.nytapp-vi-article .exit-card .css-5dpq26,.nytapp-vi-liveblog .exit-card .css-5dpq26,.nytapp-hybrid-article .exit-card .css-5dpq26,.nytapp-vi-article .exit-card .css-5dpq26,.nytapp-vi-liveblog .exit-card .css-5dpq26{padding-bottom:0;max-height:91px;}}.container-size-small:not(.device-mobile) .exit-card .css-5dpq26,.container-size-medium:not(.device-mobile) .exit-card .css-5dpq26,.container-size-large:not(.device-mobile) .exit-card .css-5dpq26,.container-size-extra-large:not(.device-mobile) .exit-card .css-5dpq26,.device-mobile .exit-card .css-5dpq26{padding-bottom:0;max-height:91px;}.basic-card .css-5dpq26{width:48px;height:48px;padding:0;margin-right:8px;-webkit-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;background-color:var(–color-background-secondary,#F8F8F8);}.basic-card .css-5dpq26 >:first-of-type{position:relative;}@media (max-width:600px){.exit-card .css-5dpq26{width:91px;height:91px;}}@media (min-width:880px){.standalone-burst .css-5dpq26.exit-card,.standalone-burst .exit-card .css-5dpq26,.nytapp-vi-interactive .css-5dpq26.exit-card,.nytapp-vi-interactive .exit-card .css-5dpq26,.nytapp-hybrid-article .css-5dpq26.exit-card,.nytapp-hybrid-article .exit-card .css-5dpq26,.nytapp-vi-article .css-5dpq26.exit-card,.nytapp-vi-article .exit-card .css-5dpq26,.nytapp-vi-liveblog .css-5dpq26.exit-card,.nytapp-vi-liveblog .exit-card .css-5dpq26,.nytapp-hybrid-article .css-5dpq26.exit-card,.nytapp-hybrid-article .exit-card .css-5dpq26,.nytapp-vi-article .css-5dpq26.exit-card,.nytapp-vi-article .exit-card .css-5dpq26,.nytapp-vi-liveblog .css-5dpq26.exit-card,.nytapp-vi-liveblog .exit-card .css-5dpq26{height:91px;width:91px;}}.css-nax85w{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;white-space:nowrap;width:36px;height:36px;border-radius:50%;border:1px solid transparent;background-color:var(–color-background-secondary,#F8F8F8);cursor:pointer;outline:none;left:0;cursor:default;}.css-nax85w:after{content:”;display:inline-block;margin-left:2px;margin-bottom:1;width:8px;height:8px;line-height:0;border-top:2px solid var(–color-signal-editorial,#326891);border-right:2px solid var(–color-signal-editorial,#326891);border-color:var(–color-stroke-primary,#121212) !important;}.css-nax85w:hover{background-color:var(–color-stroke-quaternary,#DFDFDF);}.css-nax85w:focus{border:1px solid var(–color-stroke-quaternary,#DFDFDF);}.css-nax85w:focus:after{border-color:var(–color-stroke-secondary,#8B8B8B) !important;}@media (min-width:600px){.standalone-burst .css-nax85w,.nytapp-vi-interactive .css-nax85w,.nytapp-hybrid-article .css-nax85w,.nytapp-vi-article .css-nax85w,.nytapp-vi-liveblog .css-nax85w,.nytapp-hybrid-article .css-nax85w,.nytapp-vi-article .css-nax85w,.nytapp-vi-liveblog .css-nax85w{width:26px;height:26px;background-color:transparent;border:1px solid var(–color-stroke-quaternary,#DFDFDF);}.standalone-burst .css-nax85w:hover,.nytapp-vi-interactive .css-nax85w:hover,.nytapp-hybrid-article .css-nax85w:hover,.nytapp-vi-article .css-nax85w:hover,.nytapp-vi-liveblog .css-nax85w:hover,.nytapp-hybrid-article .css-nax85w:hover,.nytapp-vi-article .css-nax85w:hover,.nytapp-vi-liveblog .css-nax85w:hover{background-color:var(–color-stroke-quaternary,#DFDFDF);}}.container-size-small:not(.device-mobile) .css-nax85w,.container-size-medium:not(.device-mobile) .css-nax85w,.container-size-large:not(.device-mobile) .css-nax85w,.container-size-extra-large:not(.device-mobile) .css-nax85w{width:26px;height:26px;background-color:transparent;border:1px solid var(–color-stroke-quaternary,#DFDFDF);}.container-size-small:not(.device-mobile) .css-nax85w:hover,.container-size-medium:not(.device-mobile) .css-nax85w:hover,.container-size-large:not(.device-mobile) .css-nax85w:hover,.container-size-extra-large:not(.device-mobile) .css-nax85w:hover{background-color:var(–color-stroke-quaternary,#DFDFDF);}.container-size-large:not(.device-mobile) .css-nax85w,.container-size-extra-large:not(.device-mobile) .css-nax85w{margin:0;}.css-nax85w:after{-webkit-transform:rotate(-135deg);-ms-transform:rotate(-135deg);transform:rotate(-135deg);}.container-size-large:not(.device-mobile) .css-nax85w,.container-size-extra-large:not(.device-mobile) .css-nax85w{margin-right:4px;}@media (min-width:600px){.standalone-burst .css-nax85w,.nytapp-vi-interactive .css-nax85w,.nytapp-hybrid-article .css-nax85w,.nytapp-vi-article .css-nax85w,.nytapp-vi-liveblog .css-nax85w,.nytapp-hybrid-article .css-nax85w,.nytapp-vi-article .css-nax85w,.nytapp-vi-liveblog .css-nax85w{margin-right:4px;}}.css-nax85w:hover{background-color:var(–color-background-secondary,#F8F8F8);}.container-size-small:not(.device-mobile) .css-nax85w:hover,.container-size-medium:not(.device-mobile) .css-nax85w:hover,.container-size-large:not(.device-mobile) .css-nax85w:hover,.container-size-extra-large:not(.device-mobile) .css-nax85w:hover,.standalone-burst .css-nax85w:hover,.nytapp-vi-interactive .css-nax85w:hover,.nytapp-hybrid-article .css-nax85w:hover,.nytapp-vi-article .css-nax85w:hover,.nytapp-vi-liveblog .css-nax85w:hover,.nytapp-hybrid-article .css-nax85w:hover,.nytapp-vi-article .css-nax85w:hover,.nytapp-vi-liveblog .css-nax85w:hover{background-color:transparent;}.css-nax85w:after{border-color:var(–color-stroke-tertiary,#C7C7C7) !important;}.css-1w1c8cx{margin:0 6px 0 0;width:6px;height:6px;border-radius:50%;background-color:var(–color-background-quaternary,#C7C7C7);-webkit-transition:background-color 0.2s ease;transition:background-color 0.2s ease;background-color:var(–color-background-inversePrimary,#121212) !important;}

A History of Bear Markets

Lora Kelley

Melina Delkic and Lora Kelley📍Reporting from New York

A History of Bear Markets

Lora Kelley

Melina Delkic and Lora Kelley📍Reporting from New York

Dave Sanders for The New York Times

A bear market is when stocks fall 20 percent from a recent high. That happened Monday, when the S&P 500 fell 22 percent from Jan. 3.

Here are some past examples of bear markets →

1 of 8

Item 1 of 8

1 of 8

This downturn might be longer lasting. And it threatens the stability of a large group of retirement-age Americans who are dependent on 401(k) and other stock-heavy retirement accounts: baby boomers.

Stocks have fallen in large part because the Fed has been removing its monetary support, which in addition to propping up the stock market also contributed to the fastest rate of inflation in four decades. The S&P closed just above a bear market in May before recovering, but stocks fell sharply again on Friday following the latest release of government data showing that inflation had accelerated again.

The worry among stock traders is that the Fed could be forced to constrict the economy’s growth in order to bring inflation under control, leading to a recession. While recessions have often followed bear markets, one does not necessarily cause the other.

“It is not that consumer demand is weak yet — spending has held up,” said Paul Ashworth, who is the chief North American economist at Capital Economics. “The fear is that the Fed is going to go very hard, and that leaves us in a recession at some point.”

Not everyone believes a recession is imminent this time, in part because there are areas of the economy that are doing better than in previous bear market moments. Unemployment is near a half-century low, and the economy has regained all but 800,000 of the 22 million jobs lost at the height of coronavirus-related lockdowns. While rising mortgage rates have begun to dampen activity, housing — generally one of the biggest sources of wealth for Americans — remains strong.

Most Americans are exposed to the stock market through their retirement accounts. During steep downturns in the markets, the conventional wisdom for younger workers has often been to do nothing, in part because the markets tend to rise again eventually.

But sometimes stocks can take years to return to their previous levels or reach new highs.





#g-recoveries-box , #g-recoveries-box .g-artboard { margin:0 auto; } #g-recoveries-box p { margin:0; } #g-recoveries-box .g-aiAbs { position:absolute; } #g-recoveries-box .g-aiImg { position:absolute; top:0; display:block; width:100% !important; } #g-recoveries-box .g-aiSymbol { position: absolute; box-sizing: border-box; } #g-recoveries-box .g-aiPointText p { white-space: nowrap; } #g-recoveries-335 { position:relative; overflow:hidden; } #g-recoveries-335 p { font-family:nyt-franklin,arial,helvetica,sans-serif; font-weight:500; line-height:13px; height:auto; opacity:1; letter-spacing:0em; font-size:12px; text-align:left; color:rgb(51,51,51); top:1px; position:static; text-transform:none; padding-bottom:0; padding-top:0; mix-blend-mode:normal; font-style:normal; } #g-recoveries-335 .g-pstyle0 { font-weight:700; line-height:14px; height:14px; font-size:14px; color:rgb(0,0,0); top:1.1px; position:relative; } #g-recoveries-335 .g-pstyle1 { line-height:12px; height:12px; position:relative; } #g-recoveries-335 .g-pstyle2 { font-weight:700; height:13px; text-align:right; color:rgb(0,0,0); position:relative; } #g-recoveries-335 .g-pstyle3 { height:13px; position:relative; } #g-recoveries-335 .g-cstyle0 { letter-spacing:-0.06em; } #g-recoveries-600 { position:relative; overflow:hidden; } #g-recoveries-600 p { font-family:nyt-franklin,arial,helvetica,sans-serif; font-weight:500; line-height:14px; height:auto; opacity:1; letter-spacing:0em; font-size:13px; text-align:left; color:rgb(51,51,51); top:1px; position:static; text-transform:none; padding-bottom:0; padding-top:0; mix-blend-mode:normal; font-style:normal; } #g-recoveries-600 .g-pstyle0 { font-weight:700; line-height:15px; height:15px; font-size:16px; color:rgb(0,0,0); top:1.3px; position:relative; } #g-recoveries-600 .g-pstyle1 { line-height:15px; height:15px; font-size:14px; top:1.1px; position:relative; } #g-recoveries-600 .g-pstyle2 { font-weight:700; height:14px; text-align:right; color:rgb(0,0,0); position:relative; } #g-recoveries-600 .g-pstyle3 { height:14px; position:relative; } #g-recoveries-600 .g-pstyle4 { height:14px; text-align:right; position:relative; } #g-recoveries-600 .g-cstyle0 { letter-spacing:-0.06em; } #g-recoveries-900 { position:relative; overflow:hidden; } #g-recoveries-900 p { font-family:nyt-franklin,arial,helvetica,sans-serif; font-weight:500; line-height:15px; height:auto; opacity:1; letter-spacing:0em; font-size:14px; text-align:left; color:rgb(51,51,51); top:1.1px; position:static; text-transform:none; padding-bottom:0; padding-top:0; mix-blend-mode:normal; font-style:normal; } #g-recoveries-900 .g-pstyle0 { font-weight:700; height:15px; font-size:16px; color:rgb(0,0,0); top:1.3px; position:relative; } #g-recoveries-900 .g-pstyle1 { height:15px; position:relative; } #g-recoveries-900 .g-pstyle2 { height:15px; text-align:right; position:relative; } #g-recoveries-900 .g-pstyle3 { font-weight:700; height:15px; text-align:right; color:rgb(0,0,0); position:relative; } #g-recoveries-900 .g-cstyle0 { letter-spacing:-0.06em; } #g-recoveries-900 .g-cstyle1 { letter-spacing:0.118em; } #g-recoveries-1050 { position:relative; overflow:hidden; } #g-recoveries-1050 p { font-family:nyt-franklin,arial,helvetica,sans-serif; font-weight:500; line-height:15px; height:auto; opacity:1; letter-spacing:0em; font-size:14px; text-align:left; color:rgb(51,51,51); top:1.1px; position:static; text-transform:none; padding-bottom:0; padding-top:0; mix-blend-mode:normal; font-style:normal; } #g-recoveries-1050 .g-pstyle0 { font-weight:700; height:15px; font-size:16px; color:rgb(0,0,0); top:1.3px; position:relative; } #g-recoveries-1050 .g-pstyle1 { height:15px; position:relative; } #g-recoveries-1050 .g-pstyle2 { height:15px; text-align:right; position:relative; } #g-recoveries-1050 .g-pstyle3 { font-weight:700; height:15px; text-align:right; color:rgb(0,0,0); position:relative; } #g-recoveries-1050 .g-cstyle0 { letter-spacing:-0.06em; } #g-recoveries-1050 .g-cstyle1 { letter-spacing:0.118em; }

Duration of bear markets since World War II era . . .

Peak

Trough

Duration, in days

1

6/15/48

6/13/49

363

2

7/15/57

10/22/57

99

3

12/12/61

6/26/62

196

4

2/9/66

10/7/66

240

5

11/29/68

5/26/70

543

6

1/11/73

10/3/74

630

7

11/28/80

8/12/82

622

8

8/25/87

12/4/87

101

9

3/24/00

10/9/02

929

10

10/9/07

3/9/09

517

11

2/19/20

3/23/20

33

12

1/3/22

5/20/22

161

so far

. . . and how long it took to recover from them.

Trough

New high

Days from trough to new high

9/22/54

1,927

1

6/13/49

9/24/58

337

2

10/22/57

9/3/63

434

3

6/26/62

5/4/67

209

4

10/7/66

3/6/72

650

5

5/26/70

7/17/80

2,114

6

10/3/74

11/3/82

83

7

8/12/82

7/26/89

600

8

12/4/87

5/30/07

1,694

9

10/9/02

3/28/13

1,480

10

3/9/09

8/18/20

148

11

3/23/20

???

???

12

5/19/22

The duration of the 12 bear markets since the World War II era . . .

Peak

Trough

Decline

Duration, in days

1

June 15, 1948

June 13, 1949

–20.6

%

363

2

July 15, 1957

Oct. 22, 1957

–20.7

99

3

Dec. 12, 1961

June 26, 1962

–28.0

196

4

Feb. 9, 1966

Oct. 7, 1966

–22.2

240

5

Nov. 29, 1968

May 26, 1970

–36.1

543

6

Jan. 11, 1973

Oct. 3, 1974

–48.2

630

7

Nov. 28, 1980

Aug. 12, 1982

–27.1

622

8

Aug. 25, 1987

Dec. 4, 1987

–33.5

101

9

March 24, 2000

Oct. 9, 2002

–49.1

929

10

Oct. 9, 2007

March 9, 2009

–56.8

517

11

Feb. 19, 2020

March 23, 2020

–33.9

33

12

Jan. 3, 2022

May 20, 2022

–21.8

so far

161

so far

. . . and how long it took to recover from them.

New record high

Days from trough to new record high

Trough

Sept. 22, 1954

1,927

1

June 13, 1949

Sept. 24, 1958

337

2

Oct. 22, 1957

Sept. 3, 1963

434

3

June 26, 1962

May 4, 1967

209

4

Oc. 7, 1966

March 6, 1972

650

5

May 26, 1970

July 17, 1980

2,114

6

Oct. 3, 1974

Nov. 3, 1982

83

7

Aug. 12, 1982

July 26, 1989

600

8

Dec. 4, 1987

May 30, 2007

1,694

9

Oct. 9, 2002

March 28, 2013

1,480

10

March 9, 2009

Aug. 18, 2020

148

11

March 23, 2020

???

???

12

May 19, 2022

The duration of the 12 bear markets since the World War II era . . .

and how long it took to recover from them.

Peak

Trough

Decline

Duration, in days

New record high

Days from trough to new record high

June 15, 1948

June 13, 1949

–20.6

%

363

Sept. 22, 1954

1,927

July 15, 1957

Oct. 22, 1957

–20.7

99

Sept. 24, 1958

337

Dec. 12, 1961

June 26, 1962

–28.0

196

Sept. 3, 1963

434

Feb. 9, 1966

Oct. 7, 1966

–22.2

240

May 4, 1967

209

Nov. 29, 1968

May 26, 1970

–36.1

543

March 6, 1972

650

Jan. 11, 1973

Oct. 3, 1974

–48.2

630

July 17, 1980

2,114

Nov. 28, 1980

Aug. 12, 1982

–27.1

622

Nov. 3, 1982

83

Aug. 25, 1987

Dec. 4, 1987

–33.5

101

July 26, 1989

600

March 24, 2000

Oct. 9, 2002

–49.1

929

May 30, 2007

1,694

Oct. 9, 2007

March 9, 2009

–56.8

517

March 28, 2013

1,480

Feb. 19, 2020

March 23, 2020

–33.9

33

Aug. 18, 2020

148

May 20, 2022

161

so far

Jan. 3, 2022

–21.8

so far

???

???

The duration of the 12 bear markets since the World War II era . . .

and how long it took to recover from them.

Peak

Trough

Decline

Duration, in days

New record high

Days from trough to new record high

June 15, 1948

June 13, 1949

–20.6

%

363

Sept. 22, 1954

1,927

July 15, 1957

Oct. 22, 1957

–20.7

99

Sept. 24, 1958

337

Dec. 12, 1961

June 26, 1962

–28.0

196

Sept. 3, 1963

434

Feb. 9, 1966

Oct. 7, 1966

–22.2

240

May 4, 1967

209

Nov. 29, 1968

May 26, 1970

–36.1

543

March 6, 1972

650

Jan. 11, 1973

Oct. 3, 1974

–48.2

630

July 17, 1980

2,114

Nov. 28, 1980

Aug. 12, 1982

–27.1

622

Nov. 3, 1982

83

Aug. 25, 1987

Dec. 4, 1987

–33.5

101

July 26, 1989

600

March 24, 2000

Oct. 9, 2002

–49.1

929

May 30, 2007

1,694

Oct. 9, 2007

March 9, 2009

–56.8

517

March 28, 2013

1,480

Feb. 19, 2020

March 23, 2020

–33.9

33

Aug. 18, 2020

148

161

so far

Jan. 3, 2022

May 20, 2022

–21.8

so far

???

???


Notes: The durations are measured in calendar days. For bear markets before 1948, the S&P 500 did not pass its record from the depression era before the next downturn began.

Sources: Yardeni Research; Refinitiv; New York Times analysis of S&P 500 data

By Karl Russell

For older workers nearing retirement — or for those who are already retired — waiting it out may not be an option.

“One of the huge shortcomings of the 401(k) is that even if you are fortunate enough to have been able to save enough, you still have a timing issue,” said Nancy Altman, a co-director of Social Security Works, a social welfare nonprofit focused on retirement benefits. “If the market is on a complete downturn, what are you supposed to do?”

People close to retirement age may be somewhat shielded from swings in the market, in part because of the popularity so-called target-date funds, which automatically move 401(k) money into bonds and other safer investments as their retirement age approaches. But 401(k) plans can still take a significant hit in market downturns. In 2008, for instance, as the S&P 500 dropped 37 percent, the average 401(k) account balance for those who were in their 50s fell 24 percent.

People with retirement accounts are keeping more of their assets in stocks now, as opposed to bonds or a mix of other investments. “There has been a growing complacency of people keeping most of their nest eggs in stocks,” said Monique Morrissey, who specializes in retirement at the left-leaning think tank Economic Policy Institute. “There has been a fundamental misunderstanding — returns do not always average out.”

The bigger issue, according to Ms. Morrissey, is that many people have gotten used to the stock market going up. That’s not a guarantee — especially in the near term.

“It’s not just the loss from January; it’s what happens going forward,” she said. “If you were counting on the amount that you have in your 401(k) to continually grow, well, then you may never get to what you had planned for.”