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August is again living up to its reputation as a downbeat month for stocks

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The S&P 500 is down more than 3% this month, on pace to snap a five-month winning streak.

This behavior, at this time of the year, isn't out of character.

. Go back 20 years and the performance gets worse: The S&P 500 has averaged a monthly 0.1% loss in that time.Lower trading volumes: Trading tends to decline in August as traders and investors go on vacation before the summer ends. This can lead to more volatile swings in prices.

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