Through
Monday's close, the S&P 500 has had 36 days of drawdowns between 3% and 5%
and 76 days of drawdowns greater than 5%. The incidence of more extreme 5%
drawdowns is already significantly higher than in 2016, which had 51 days of
declines of 5% or more below the index's most recent high. As of Monday's
closing bell, the index was down 6.1% from its latest high on Sept. 20. There
have been 19 highs during 2018, compared to the 62 hit in 2017. Last year's
bull run had little time for pullbacks; during the year there were no periods of
declines greater than 3%.
Through
Monday, the index was up 2.9% year-to-date after giving up much of its 2018
advances in the first weeks of the fourth quarter.
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