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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[BRIEFING.COM] Borrowing on the theme of the outperformance of the cyclical sectors in the last update, there has been a notable move in the commodities space that has been highlighted by a sharp rebound in silver prices and oil prices, and healthy gains among the industrial metals.
Silver prices, down close to 4.0% earlier in the session, are now up 2.0% at $22.80/oz. The move in the commodity space has helped vault the materials sector (+0.4%) into a leadership position ... More
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