The S&P has just logged its longest losing streak since 1980

The S&P 500 closed lower Friday for the ninth straight session — the first time it has experienced that many losses in a row in nearly 36 years.

Uncertainty about the election has been pegged as the biggest stumbling block for the market. Lately, the perceived chances of Donald Trump winning have risen; many strategist have said that such an outcome would take a big chunk out of the S&P, with a 10 percent drop serving as a sort of base case.

Stocks have been getting no help from oil, either. Supply concerns have driven crude lower in six straight sessions.

On top of all this, it looks increasingly likely that the Federal Reserve will raise rates in December, which could serve as another stumbling block.

The market last fell in nine straight sessions in the beginning of December 1980. Interestingly, that streak was snapped on Dec. 12 — the day of Apple's initial public offering. Today, that is the biggest stock in the world.

While the market dropped more than 9 percent during that time period, the current declines have been much more mild. The S&P last closed higher on Oct. 24. Since then, the index has fallen by only slightly more than 3 percent. That is less than the market has fallen in about 300 single sessions, going back to 1928.

Given that the S&P has risen in 52 percent of its sessions, the odds of seeing the market fall for nine sessions straight is a mere 0.14 percent.


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Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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