A strange change in behavior, without a clear explanation.
The answer depends on the period of stock-market history you examine.
Over the 90 years from the Dow Jones Industrial Average’s DJIA inception in 1896 until 1986, August on average was far ahead of the other months — more than four times larger, as you can see from the table below. August outperformed the other months’ average by 1.4 percentage points. This difference is significant at the 95% confidence level that statisticians often use when...
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