A summer U.S. stock-market rally off lows for the year seen in June shuddered to a halt in August, leaving major indexes with monthly losses as investors braced for the start of a traditionally unpleasant month for equity bulls.
Since 1950, September has been the worst performing month of the year for the Dow Jones Industrial Average DJIA , S&P 500 SPX and Russell 1000 RUI and the worst for the Nasdaq Composite COMP since 1971 and the small-cap Russell 2000 RUT since 1979, noted Jeff Hirsch, editor of the Stock Trader’s Almanac, in a blog post.
The 200-day moving average, however, appeared to be a bridge too far. After ending at a nearly four-month high on Aug. 16, the S&P 500 stalled out at the long-term average. So stocks on Wednesday, the last trading day of the month, suffered a fourth straight loss, leaving the S&P 500 down 4.2% for the month, the Dow down 4.1% and Nasdaq with an August loss of 4.6%. The S&P 500 is down 17% year to date, while the Dow has slumped 13.3% and the Nasdaq has dropped 24.5%.
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