, Columnist
How Seriously You Should Take the Market Pullback
Stocks were due for a retreat, but don’t read too much into it. And view non-farm payrolls with some caution.
A little choppy, but no need to worry.
Photographer: Mario Tama/Getty Images
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It’s happened at last. For the first time during its six-month rally that began in October, the S&P 500 closed more than 2% below its previous closing high, set at the end of last week. This isn’t, or at least shouldn’t be, such a big deal. The rule of thumb is that a market hasn’t undergone a correction until it’s dropped 10% from peak to trough. Pullbacks on this week’s scale happen all the time.