US market is in a correction
Financial, energy and metals stocks lead the market lower. Apple has fallen 11% since April 26. But Procter & Gamble is off just 2%.
Updated: 6:45 p.m. ET.
If you accept the definition of a market correction as a 10% decline from a recent top, the U.S. stock market, as of today, is officially in a correction -- its first since the March 9, 2009, market bottom.
Officially because the Dow Jones Industrial Average ($INDU), the Standard & Poor's 500 Index ($INX) and the Nasdaq Composite Index ($COMPX) have all fallen more than 10% since peaking in April.
The Dow finished the day down 10.2% from its April 26 closing high -- losing 1,136 points in the process. The S&P 500 is off 12% from its April 23 close, and the Nasdaq is off 12.9%.
The correction is quite broad. Seven of the 10 sectors of the S&P 500 are in a correction: energy, materials, industrial, consumer discretionary, health, financial and technology.
The hardest-hit group is the financial sector, down 16.6%. Consumer staples, telecom and utilities are down "only" 6% or more.
Globally, much of the world is correcting, with a few notable exceptions: Germany's Dax Index ($DE:DAX) is off 7.3% since peaking in April. Toronto's S&P/TSE Composite ($CA:OSPTX) is down 6.6%, and India's Sensex Index is off 8.1%.
Among the markets that are hardest hit are China, where the Shanghai Composite Index is off 23.4% since Nov. 23, 2009; Spain, whose IBEX 35 Index ($ES:IB) is off 24.2% since Jan. 6; and Brazil, where the Bovespa Index is down 18.9% since April 8.
|How the indexes have changed since recent peaks|
|Dow Jones industrials||10,068.01||-10.15%|
|S&P Midcap 400||738.14||-13.14%|
|Dow Jones Utilities Average *||359.83||-11.53%|
|Dow Jones Transports **||4,160.51||-13.43%|
|Nikkei 225 (Japan)||10,030.31||-11.54%|
|FTSE 100 (Britain)||5,073.13||-12.91%|
|Dax Index (Germany)||5,867.88||-7.33%|
|S&P/TSE Composite (Toronto)||11,405.95||-7.13%|
|Shanghai Composite (China)**||2,555.94||-23.44%|
|Bombay Sensex (Bombay)||16,519.68||-8.07%|
|Bovespa Index (Brazil)||58,192.08||-18.94%|
|Hang Seng Index (Hong Kong)||19,545.83||-11.99%|
|Ibex 35 Index (Spain)***||9,270.50||-24.15%|
Changes measured since April highs.
* Since Dec. 15, 2009 ** Since May 3
|*** Since Nov. 23, 2009 *** Since Jan. 6, 2010.|
All 30 Dow stocks have fallen since the index's April 26 high. The hardest hit are Intel (INTC), down 30%e Alcoa (AA), down more than 21%; American Express (AXP), down more than 18%; and Boeing (BA), down more than 15%.
The least-affected are Kraft Foods (KFT), down 3.2%; Procter & Gamble (PG), down 3.6%; Coca-Cola (KO), down about 4.1%; and Verizon Communications (VZ), down 4.1%.
Among non-Dow stocks, Apple (AAPL) is off 12.3% since April 23. Freeport-McMoRan Copper & Gold (FCX) is down 27.2% since April 6. Macy's (M) has slid 18%, and Ford (F) is off 25.3% since April 26.
|How the Dow stocks have fared since the April 26 peak|
|Procter & Gamble||$61.61||-3.64%|
|Johnson & Johnson||$60.55||-6.50%|
|Walt Disney Co.||$31.99||-13.63%|
|Bank of America||$15.30||-15.24%|
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Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
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