In a bear market, which is defined as a market condition where stock prices fall at least 20 percent from recent highs, "bears" are investors who expect prices to decline further. According to the New York Times, what bears do in a bear market is essentially to "sell." They sell stocks to avoid further losses or to capitalize on the expected drop in stock prices. This behavior contributes to the downward momentum in the market. More broadly, a bear market reflects investor pessimism and is often associated with economic concerns such as inflation, geopolitical conflicts, and other economic challenges. Bear markets can precede recessions but do not always cause them. They signal a period of economic uncertainty where many investors may lose wealth and become more cautious in investing. The term "bear" historically refers to those who bet on the market falling, and their action in a bear market is selling stocks, thus potentially driving prices down further. This was highlighted not only in market analyses but also featured as a crossword clue answer in the New York Times as "SELL"—what bears do in a bear market.