But uncertainty around Trump's tariff policy continues to grip Wall Street, and his trade war has only intensified this week. The president has vowed to respond to tariffs planned by the EU and Canada in response to US duties on steel and aluminum imports — most notably leading off Thursday by threatening a 200% tariff on imports of EU wines and spirits.

As shown above, the S&P 500 in the last 15 years has returned an average of 18% during the year following its first close in correction territory. While not shown in the chart, the S&P 500 has also returned a median of 18% under the same conditions,