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S&P 500 Posts Three 9% Swings for First Time Since 1929

Elena Popina

(Bloomberg) -- Historical precedents of the S&P 500’s move in the past three days are hard to find, but one instance almost a century ago is coming close.

The S&P 500 tumbled 12% on Monday to 2,386 in its third day of swings of more than 9%. The last time the index moved this much for three consecutive sessions was during the Great Depression: the benchmark tumbled 13% on Monday, Oct. 28, 1929, only to fall another 10% the following day and then gain 13% on Wednesday.

How long can the S&P 500 go this time? Goldman Sachs’ chief U.S. equity strategist David Kostin warned that the benchmark may not bottom until 2,000.

(Updates with closing prices)

To contact the reporter on this story: Elena Popina in New York at epopina@bloomberg.net

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Randall Jensen, Dave Liedtka

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