Equities and downturns: sometimes equities sell off without a downturn
S&P500 DECLINE FROM 5 YEAR PEAK
0
0
-10
-10
-20
-20
-22
-30
-30
-25
-28
-33
-40
-40
-50
-50
-60
-60
50 55 60 65 70 75 80 85 90 95 00 05 10 15 20 25
1
Sources: Standard & Poor’s, NBER
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