Big Up Days Are Gone as Corrections Hit Half of S&P 500 Stocks
- Market in longest drought of single-day 1% gains in 20 months
- Tech can’t be the crutch forever: Morgan Stanley’s Wilson
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Calls for a correction in stocks are multiplying. And while none has come to pass for the biggest indexes, it’s safe to say a lot of the market’s vigor has been depleted.
Big rallies are a thing of the past. The S&P 500 has gone 34 days without rising 1% in any of them, the longest in 20 months. And the pool of companies feeling significant price pressure keeps expanding. More than half the index’s members have suffered peak-to-trough declines of at least 10% since May, data compiled by Morgan Stanley show.