The S&P 500 is trading at 1613 this afternoon, down 1.1% on the day.
It’s been selling off since May 22, when Federal Reserve Chairman Ben Bernanke failed to rule out tapering back of the central bank’s monetary stimulus by labour Day.
The May 22 high was 1687, which means today’s levels represent a 4.4% decline from the peak of the rally.
And that has been one of the craziest things about this stock market rally that started in November: it really has yet to be interrupted.
In fact, it’s been the longest uninterrupted rally the market has seen since stocks bottomed in early 2009.
If the S&P 500 edges down another 0.6 percentage points from the 1687 high, it will mark the first 5% pullback since November.
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