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The study indicates that the poor performance of the stock market in September is closely linked to seasonal variations in seasonal affective disorder (SAD), which increases during the period between August and September. Its impact is attributed to feelings of depression and mood changes as autumn approaches. The Dow Jones Index experienced an average loss of 1.1% in September, marking the worst performance compared to other months, which typically see gains of 0.8%. September is considered the poorest-performing month, with potential for gains or losses, but the likelihood is skewed toward underperformance due to seasonal changes and the influence of "Pumpkin Spice Latte," reflecting the tendencies of seasonal depression.
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