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YOUR MONEY | Investment Watch

September 22, 1996

It's another tribute to the bull market's strength that it is defying the September curse: This is supposed to be the cruelest month for stocks, but with six trading days left, the Dow Jones industrial average is up 4.8% this month. That compares with the Dow's typical loss of 1.1% in September, measuring average performance since 1900. The Dow's average September change is the worst of any month, according to Stock Market Strategy. Measured another way, the Dow has risen in just 41% of all Septembers since 1900, while it has risen in 73% of all Decembers. Theories abound as to why September is usually so rotten for stocks, but the sentimental favorite is simply that investors are depressed by summer's end. Go figure.

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