Many of the major equity market averages are down more than 5% from their recent highs and in a pullback.
The concern now among many investors is that continued selling pressure will send them into a correction, or down at least 10% from their highs.
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To date, the S&P 500 has gone 855 days without a correction – an aging bull indeed.
FOX Business senior editor Charles Brady says, “For that reason it’s worth noting that several well-known, large-cap stocks in the S&P 500 are already in correction mode, including names like ExxonMobil, General Electric, Wal-Mart, Coca-Cola, Citigroup, and IBM. Big Blue is down almost 20% from its March 2013 all-time high and on the verge of a bear market.”
Also, tobacco giant Philip Morris International already is in a bear market. “Are these stocks the proverbial canary in a coal mine, hinting at further selling that will drag the S&P 500 into a correction or worse?” Brady asks.
Major S&P 500 Stocks Down 10% or More from Recent Highs