August Auto Sales Boost US Markets
The news that President Obama is seeking congressional approval for a strike on Syria, and that congressional approval may be slow in coming, was another factor behind boosted markets on Wednesday. However, it is anticipated that the situation in Syria, and any potential action from the US, will continue to influence markets.
The Federal Reserve’s Beige Book report noted that the growth of the US economy in July and August was ‘modest to moderate’, with hiring increasing slightly across the districts monitored in the report.
It is generally agreed that August was a tough month, and prophets of doom are drawing attention to the fact that on average over the past 70 years September has been the worst performing month for markets. With the phrase “scary September” being bandied about, do investors have reason for concern? Statistics reveal that September has earned it reputation for being the worst month of the year for the broader market when measured over the past seven decades, but when looking at the last ten years it should be noted that September delivered positive results for seven out of the ten years, and some analysts are of the opinion that September 2013 could be a positive month for investors.