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The S&P 500 just ended its longest stint in correction territory since 1984

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Is Wall Street ready to celebrate?

The S&P 500 is back in business — at least for the moment. The broad-market benchmark ended its lengthiest period in correction territory in about 34 years, a move that may have bullish investors cheering and cracking open the bubbly. On Wednesday, the S&P 500 Index SPX, +0.91%  soared 0.9% to 2,846.07, bursting above its Feb. 8 closing low of 2,851. Any finish above 2,839.10 would have officially marked a conclusion to the so-called correction. A decline of at least 10% from a recent top is typically how market technicians define an asset’s bearish corrective phase. A climb from its closing low of at least 10% is generally viewed as an emergence from out of correction. As of Tuesday’s close, the S&P 500 had been in correction for 115 sessions, which was its longest such period since the 122-session period back in August 1984, according to WSJ Market Data Group.

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