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The market rose in four of the last five sessions, but it was too late to save September and keep its five-month winning streak alive.
Remember how we were all in such a good mood when this month began?
The NASDAQ and S&P were making new records almost daily amid an accommodative Fed and optimism over a coronavirus vaccine. Meanwhile, technology couldn’t be stopped!
And then came September.
The month really lived up to its reputation as the toughest period of the year for stocks. It even knocked technology out of its leadership position.
The market simply got too hot for investors. Soaring 50% in 5 months is enough to give anybody heartburn, especially with the coronavirus still lingering and even spiking, and without new stimulus from Washington.
Therefore, the NASDAQ dropped approximately 5.4% in the 30 days, while the S&P was off about 4% and the Dow dipped 2.3%. It was the first monthly loss since March.
Fortunately, stocks have been moving mostly higher in the past week, including today. If it weren’t