The S&P 500 index closed in correction territory on Friday, the 103rd time in history.
The gauge of large-cap U.S. equities
SPX
fell 19.8 points, or 0.5% to end at around 4,117 Friday afternoon, according to preliminary FactSet data, meaning it is down 10.3% from a previous cyclical high of 4,588.96 reached on July 31, 2023.
The Nasdaq Composite entered a correction on Wednesday.
In the past 15 corrections for the S&P 500, it took an average of three months for its performance to recover, while the index gained an average of 10.1% a year later.
Since 1928, the S&P 500 rose an average of 9.1% a year following a correction.
The S&P 500 was still up 7.2% so far this year though, and the Nasdaq Composite
COMP
has gained 20.8%, while the Dow Jones Industrial Average
DJIA
is down 2.2% year-to-date, according to FactSet data.
—Ken Jimenez contributed to the story.
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