The rout in equities accelerated last week. The S&P 500 shed 7.1 percent, its worst week since August 2011. The index is now lower by 9.6 percent on the year and down 17.5 percent from its September 20 closing high, just shy of the 20 percent decline that defines a bear market, although that comes as small comfort. The Nasdaq Composite index is now in a bear market, down 21.9 percent from its August 29 high after falling 8.4 percent last week. And the small cap Russell 2000 is now down 25.8 percent after dropping 8.4 percent last week.