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The S&P 500 was poised to enter a full-blown market correction Thursday, a move that would mark its fastest such slide since the financial crisis.
The S&P 500 SPX, -1.88% slumped around 76 points, or 2.5%, to 3,040. A close below 3,047.54 would mark a decline of more than 10% from the benchmark large-cap index’s all-time high, meeting a widely used definition of a correction.
The S&P 500 posted a record close of 3,386.15 on Feb. 19. If a correction is confirmed at the closing bell, the index’s six-day drop would mark its fastest slide into correction territory since a two-day drop on Nov. 5-6 2008, during the depth of the global financial crisis, according to Dow Jones Market Data.
The Dow Jones Industrial Average DJIA, -1.90% tumbled more than 800 points at its session low and remained off around 685 points or 2.5%, near 26,273. A close below 26,596.28 would mark a more-than-10% drop from the blue-chip gauge’s all-time closing high.
The Nasdaq Composite COMP, -2.33% was also changing hands below the correction threshold. The tech-heavy index was down around 259 points, or 2.9%, near 8,721. A close below 8,835.46 would push it into correction mode.
