The S&P 500 index was poised to exit market-correction territory Tuesday, a move that has tended to point to near- and medium-term gains for the U.S. large-cap benchmark in the past.
The S&P 500 SPX was up 1.2% near 4,632 in afternoon trade. A close above 4,587.77 would mark a 10% rise from the index’s March 8 close at 4,170.70, according to Dow Jones Market Data. The S&P 500 fell into a market correction on Feb. 22, when it finished more than 10% below its Jan. 3 record close. Based on data going back to 1928, the S&P 500 has seen a median gain of 11.5% a year after exiting correction, and average gain of nearly 14% — rising nearly 77% of the time. Median and average returns for shorter term time frames were also positive.
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