It took the S&P 500 only six sessions to fall into correction territory, the fastest downfall in history.
The Dow and the S&P 500 each fell 4.4% on Thursday — the Dow lost a record 1,190.9 points — and each closed well in correction territory based on their recent record close. The major averages are on pace for their worst week since the financial crisis as anxiety over the coronavirus continued to drive investors away from equities.
The S&P 500′s swift drop marked the quickest 10% decline from an all-time high in the index’s history, according to Deutsche Bank.
The speed of the decline over the past week even beats the Black Monday plunge in October 1987, where the peak was in August 1987, Torsten Slok, Deutsche Bank’s chief economist said.
There have been 27 market corrections since World War II with an average decline of 13.7% over an average of four months.
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