Whether this correction turns into a full-fledged bear, and whether the economic slowdown that started the selling in late April is labeled a recession may not matter much in the end.

The question is, have investors reached that point?

After a market peak on April 23, the Standard & Poor’s 500-stock index slumped as much as 16 percent, a slide classified as a correction but not a bear market, which is typically defined as a decline of 20 percent or more. After last week’s gains, the index was 9 percent below its April peak.