S&P 500 Retreats for a Fifth Day, Set to Enter Correction Phase
- Benchmark has fallen 10% from its record high three weeks ago
- Prospect of Fed hikes has made growth stocks less appealing
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The S&P 500 Index is set to enter a correction phase after the benchmark fell for a fifth day, extending its drop to 10% from its last record close just three weeks ago.
The benchmark fell as much as 2.3% on Monday, and will join the tech-heavy Nasdaq 100 in correction territory if it closes 10% or more below its Jan. 3 high. The small-cap Russell 2000, meanwhile, is set to close in a bear market.