DJIA loses 48 (0.5%) to 9496, still gaining 3.5% on the month, and up five of the last six months. S&P 500 loses 8 (0.8%) to 1021, Nasdaq Comp drops 20 (1%) to 2009.
While August’s gains were the smallest of the five risers, still, it is a gain. But August has been pretty profitable for investors anyhow this decade. The Dow is up six of the last seven Augusts, including last year. It lost ground in 2005. August 2009 was the best August since 2000.
August has trailed only December in terms of stock market gains historically. On the other hand, the worst month, September, begins tomorrow.
Now, for the S&P 500, the gains were even sharper. The S&P posted its sixth straight monthly gain, and is up nearly 39% in that time, it’s best six-month advance since September 1938, according to S&P. Now, for the six months before the past six months, the S&P lost nearly 43%, the worst six months since June 1932.
“Result: the full one-year V was a bit short on the right side, with a 20.44% decline,” says S&P’s senior index analyst Howard Silverblatt.
Market gets two M&A deals today, with Disney buying Marvel and Baker Hughes buying BJ Services. Additionally, ISM-Chicago shows improvement in manufacturing sector, which augurs well for tomorrow’s national reading. But it’s the Chinese selloff that sets the tone early, and bulls can’t shake it.
China’s Shanghai fell 6.7% overnight, and lost 10% over the past three sessions, the worst three-day stretch since June 2008. The index lost 22% in August. And that’s got some folks jumpy.
Welcome to September.