Two years ago, the last time the S&P 500 was in a correction, JPMorgan Chase (JPM) CEO Jamie Dimon decided to act.
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He bought 500,000 shares of the bank’s stock at $26.6 million in February 2016 and helped trigger a turnaround that made it possible for the S&P 500 to deliver a total return of 12% for that year.
That last correction was from May 21, 2015 to Feb. 11, 2016, according to an Associated Press compilation. A correction is often defined as a drop of 10% from a recent high, interrupting a rally.
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The S&P 500 was close to another correction Tuesday, having fallen 7.8% from its all-time high of 2,872.87, reached on Jan. 26.
JPMorgan declined to comment.
