S&P 500 Snaps Longest Streak Without a 2% Decline Since 2007
- Benchmark went 356 sessions sans sliding beyond the threshold
- Prior to shift, the gauge notched 38 closing records this year
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A steep selloff in high-flying technology stocks sent the S&P 500 Index to its worst day since December 2022, ending its best stretch without a 2% decline since the start of the global financial crisis in 2007.
The US equities benchmark slid 2.3% on Wednesday, ending 356 sessions through Tuesday without a drop of at least 2% — its longest streak in 17 years, according to data compiled by Bloomberg. This comes after the index rose as much as 15% above its 200-day moving average last week — a crucial level that has historically foretold past selloffs.