You've heard about it by now: Yesterday the Dow and the S&P 500 index wiped out all their hard-fought gains over the past 10 months to turn negative for 2018. October is shaping up to be a brutal month, with the S&P falling 8.9 percent month-to-date, the Dow down 7.1 percent, and the Nasdaq down 11.7 percent.
Indeed, the S&P 500 has had 14 down days so far in October, the highest number of losing days for the index since May of 2012 when it fell 14 days, according to Dow Jones Market Data. One more loss, and it will mark its highest number of down days since October of 2008.
Meanwhile, the Nasdaq Composite Index shed 329.14 points, or 4.4 percent, to 7108.4, which put the index more than 10 percent below its August 29 all-time high, meeting the widely used definition of a market correction. The loss also marked the worst day for the Nasdaq since August 18, 2011.
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