The Dow Jones Transportation Average DJT, +0.20% tumbled into bear-market territory in afternoon trade Wednesday, as the index pulled a sharp U-turn after the Federal Reserve's decision to raise interest rates. The transports had dropped as much as 1.6% just after the open, then bounced to be 0.5% just prior to the Fed's rate move, before turning back down. The index is now down 2.2% at 9,237, or 20.2% below its Sept. 14 record close of 11,570.84. Many chart watchers define a bear market as a decline of 20% or more from a bull-market peak; on those terms, a close at or below 9,256.67 would make the bear market official. The Dow transports' last bear market started on Dec. 18, 2015 and ended on March 17, 2016. Meanwhile, the Dow Jones Industrial Average DJIA, +0.19% was down 197 points at 23,480, and has lost 12.5% from its Oct. 3 record of 26,828.39.