Economic security

The Dow just registered its longest stint in correction territory in nearly 60 years

The Dow Jones Industrial Average notched a dubious distinction on Wednesday, as U.S. equity benchmarks fell firmly lower.

The blue-chip benchmark failed to move 10% above the closing low hit earlier in the year, and has now spent the longest period in correction territory—131 trading sessions—since the 223 sessions in 1961, according to Dow Jones Market Data.

The Dow industrials DJIA, -0.54% stands now about 2.8% short of emerging from correction territory after hitting its 2018 closing low of 23,533.20 on March 23. It needs to close at 25,886.42 or above to achieve that. Some market-technician purists believe that an asset must put in a new high to officially emerge from correction phase. Other technicians say that a 10% gain from an asset’s low is sufficient to exit correction territory, a characterization that MarketWatch adheres to.

The Dow and the S&P 500 index SPX, -0.76% fell into correction territory, usually defined as a drop of at least 10% from a recent peak, on Feb. 8.