Dow Dips Into Correction Territory On Intraday Basis

The Dow Jones Industrial Average extended its slide Friday, touching correction territory on an intraday basis. The index was down 429 points at 16,562 after trading as low as 16,505.58. The low marked a pullback of more than 10% from the intraday record at 18,351.36. On a closing basis, the Dow would need to trade below 16,481.15 to mark a 10% retreat from the all-time closing high of 18,312.39 set on May 19. A 10% pullback is a widely-used definition of a market correction.