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

(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.

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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