Wall Street drops, S&P 500 confirms correction

US stocks closed lower in a shortened post-holiday trading session on Friday as the energy sector tumbled on continued weakness in oil prices, and the benchmark S&P 500 confirmed its second correction of 2018.

 

The three major US indexes all fell well over 3 percent for the week, with the Dow industrials and the Nasdaq posting their biggest weekly percentage declines since March.

 

The S&P 500 ended about 10.2 percent down from its September 20 closing record high, confirming it had entered a correction.

 

The S&P last entered a correction earlier this year after posting a then record high in late January, and falling more than 10 percent by early February. That correction lasted roughly seven months, until the index posted a fresh record high in late August.

 

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