: S&P 500 cuts 2023 gain in half after falling more than 4.5% from peak

The S&P 500 SPX has cut its year-to-date gain in half on a percentage-point basis since peaking at 4,195.44 in intraday trading on Feb. 2, according to FactSet data. The large-cap index was off by 76 points, or 1.9%, on the day to trade at 4,002.95 late Tuesday afternoon as traders dumped stocks after returning from a 3-day holiday weekend. The drop brought the S&P 500’s year-to-date gain to 4.3%, according to FactSet, which is roughly half of the 9% year-to-date gain it had enjoyed at its Feb. 2 peak. Meanwhile, the Dow Jones Industrial Average DJIA has wiped out nearly all of its year-to-date gain; it was up just 0.1% for the year late Tuesday after falling 645 points, or 1.9%, to 33,178. The Nasdaq Composite COMP has fared slightly better; it was still up 9.9% for the year at 11,504 after falling 282 points, or 2.4%, on Tuesday. By comparison, the index had gained more than 17% at its peak earlier this month.

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