While Friday the 13th is notorious for bad luck, the stock market seems to buck the trend, according to historical data.
Bespoke Investment Group, a stock market research firm and money management group, crunched the numbers for Friday the 13th from 1945 until present and found what usually is a day of doom and gloom for the superstitious isn’t for most traders.
Stocks have shown an average positive return on Friday the 13ths of 58.6 percent from 1945-2011, according to the analysis, with an average Dow Jones Industrial Average daily return of 0.08%.
“Even though it’s considered an unlucky day, it’s not necessarily reflected in the stock market,” Paul Hickey, co-founder of Bespoke Investment Group, told ABCNews.com. “There’s not a real reason behind it, but compared to everyday, the returns are better.”
Today though looks like the number 13 is proving to be unlucky. The Dow Jones industrial average fell 127 points by mid-morning on bad economic news from Europe and falling profit reported by JPMorgan Chase, the nation’s biggest bank.
Friday the 13th returns have been volatile since 2000, with positive returns an average 50 percent of the time — a flip of the coin.
The company notes that Fridays are better trading days, even if they don’t fall on the 13th.
“Overall, Fridays have historically been better,” Hickey said. He speculated this is because some investors tend to not want to be short heading into the weekend.
Fridays since 1945 have shown an average daily return of 0.06 percent, three basis points more than the average for all days.