Stock Market News: Dow Closes Higher

The S&P 500 just marked its worst two-day decline since March 10, 2023, but the market benchmark is just 3.7% off its highest close on record.

“That’s not even close to what most people would call a correction, let alone a pullback,” writes Bespoke Investment Group co-founder Paul Hickey.

Hickey notes that the market has fallen 3% or more without a 3% rally in between 455 times since 1953, or about once every two months.

“In other words, the fact that we hadn’t had a pullback of 3% in over five months was more unusual than the fact that the S&P 500 is now down over 3% from its high,” he writes. “In fact, since 1953, there have only been ten other periods where the S&P 500 went longer than the just-ended streak without falling 3% from a local closing high.”