Finally, the Markets Drop

It was bound to happen sooner or later: The S&P 500 fell by 1.1 percent yesterday, its first decline of more than 1 percent since mid-August. There hadn't been 112-day stretch without a drop of that size since 1985.

The index has also logged back-to-back declines of more than 0.5 percent, ending a 310-day period without such an occurrence, the longest on record, according to Bespoke Investment Group. Prior to this week, the last time the index had consecutive declines like that was just before the presidential election in 2016.

The Dow’s 1.4 percent fall yesterday also shaved more than 350 points off of the index, the first point drop of that magnitude since last May. Yesterday’s declines mark the first time this year that both indexes have fallen for two consecutive days.