The S&P 500 index is on pace to close in correction territory on Friday, its 103th time in history if confirmed.
The gauge of large-cap U.S. equities
SPX
fell 21 points, or 0.5% to around 4,116 Friday afternoon, according to FactSet data, meaning it is down 10.3% from a previous cyclical high of 4,588.96 reached on July 31, 2023.
FactSet, Dow Jones market data
A correction will be confirmed if the S&P 500 finishes below 4,130.06, according to Dow Jones market data. 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.
Dow Jones market data
Since 1928, the S&P 500 rose an average of 9.1% a year following a correction.
Dow Jones market data
The S&P 500 was still up 7.2% so far this year though, and the Nasdaq Composite
COMP
has gained 20.6%, while the Dow Jones Industrial Average
DJIA
is down 2.1% year-to-date, according to FactSet data.
—Ken Jimenez contributed.
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