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Market Commentary: It’s Been A Long Time Since A Pullback

Investors had a difficult time in September as a robust market rally that began over one year ago finally took a pause. The S&P 500 Index fell 5% from its highs, ending a streak of 227 days without a 5% correction. This was the eighth longest streak the Index went without a 5% decline since 1928. Of course, those who own individual stocks experienced a much greater fall: pandemic-darlings Zoom and Teladoc are 50% below their highs, and many other small, international, and cyclical companies have experienced 20% declines this year.