LIVE MARKETS-Is it time for a September mourn?
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IS TIME FOR A SEPTEMBER MOURN? (0900 EDT/1300 GMT)
The S&P 500 .SPX rose for a 7th straight month in August, which is its longest such streak since a 10-month run of gains ending in January 2018. The benchmark index advanced 2.9% last month and is now up 20.4% year-to-date, which has it on track for its biggest yearly rise since a 28.9% advance in 2019.
That said, the S&P 500 is about to enter its worst month of the year.
Using Refinitiv data back to 1928, September has been the worst month, on average, for the S&P 500. It's average change is a decline of 1%:
Of note, through Tuesday, it has now been 342 calendar days since the SPX last ended a decline of more than 5% on a closing basis.
Interestingly enough, that decline developed in the wake of the S&P 500's September 2, 2020 high, from which it slid 9.6% into its September 23, 2020 low.
Additionally, from 1928 to 2020, there were 31 Augusts with a gain of more than 2%. However, in those instances, the S&P 500's average change for the rest of the year was a gain of only about 0.5%.
Therefore, whether this September lives up to its reputation or not, the broad-market average may face a struggle from now to the end of the year. nL1N2Q20R6
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)