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The story most often told relates to how each animal is said to attack. A bull will thrust its horns into the air, while a bear will swipe down. These actions metaphorically reflect the movement of a market, with bull markets trending up and bear markets trending down.

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Where Did the Bull and Bear Market Get Their Names? - Investopedia

In the jargon of stock-market traders, a bull is someone who buys securities or commodities in the expectation of a price rise, or someone whose actions make such a price rise happen. A bear is the opposite someone who sells securities or commodities in expectation of a price decline.

The History of Bull and Bear Markets - Merriam-Webster

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