The stock market turned into correction territory Monday, shedding 49 points to close at 1,881.
Investors’ concern about the Fed’s lack of action on interest rates and an overall uncertainty in the economy contributed to the sell-off. The S&P 500 has been falling since its recent high of 1,995 on Sept. 16 — a 6 percent drop in just eight trading days.
But there is some silver lining. If you had invested wisely (or, maybe invested luckily) you could be still be making money. Just 8 percent of stocks in the S&P 500 are positive since the short-term high on Sept. 16.
Many of the top stocks trading positive are in utilities, which some traders treat as safe havens during periods of volatility.
The top stock among the S&P is Cablevision. The company, based on New York’s Long Island, is set to be bought by Altice for $17.7 billion. The deal will create the fourth largest cable operator in the U.S. Cablevision’s board is being investigated over dealings with the acquisition.
Shares in Nike closed Monday at $122.14, up 5.7 percent since Sept. 16, one of the biggest increases. The sneaker giant surprised Wall Street last week with $8.4 billion first-quarter revenue, over the $8.2 billion expected.
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Companies of all sizes are down in past weeks, but smaller companies have been hit hardest. Eight of the top 10 biggest gainers were large-cap companies, with market values over $10 billion. But only three of the biggest losers were large-cap.
Many of the stocks that have slipped the most are in energy like oil and coal. Consol Energy dropped 29 percent to $9.79 a share as coal futures fell. Chesapeake Energy and Southwestern Energy each fell around 25 percent on falling oil prices.
Oil continued its ongoing slide with Brent crude down 4 percent since Sept. 16, to $45 a barrel.