On July 2, 1932 (a Saturday), Franklin Roosevelt became the Democratic nominee for President, and the stock market began to come off its lows.  After reaching its 20th Century low of 41.22 the next week (on Friday, July 8), the Dow rose 31.6% in the next three weeks and it rose 26.7% in July 1932.  

In 1932, 25% of Americans seeking work were still unemployed, and another 25% were severely under-employed.  Wages (for those who worked) were 60% below 1929 levels.  Stock dividends were 57% smaller than in 1929, and total U.S. GDP was shrunk in half.  As bad as things may seem today, when people compare today to the 1930s, they are talking about two different planets.

JULY: Up in 35 of the last 58 years, including 7 years in a row (1989-1995)

July has been up 35 times since 1950, and down 23 times, but its best string of successes came in the early 1990s.  From 1989 to 1995, the Dow rose seven straight Julys before falling 125 points in 1996 (hurt by several major "sell signals").  Then it rose a whopping 550 points in July, 1997 (the largest monthly gain ever, to then).  More recently, July fell 508 points in 2002 and rose 366 points in 2005.

Split Personality: The first half of July has been great in the late 1990s, followed by corrections:

1998: July 1-17 was up 386 points (+4.31%); July 17-31 was down 455 points (-4.87%)

1999: July 1-16 was up 239 points (+2.18%); July 16-31 was down 455 points (-4.95%)

Today is the Original Independence Day

On July 2, 1776, the Continental Congress resolved that, "These United Colonies are & of right ought to be Free & Independent States."  The Declaration of Independence passed on this date.  On July 4th the news was published and announced, hence July 4th became Independence Day.

It's symbolic that America's first day of declared Independence (July 2) is the middle day of each normal (non-Leap year) calendar year, with 182 days preceding it and 182 days to follow.

Also on July 2 in American History

1881: President James Garfield was shot by Charles J Guiteau, a disappointed office-seeker

1890: The Sherman Antitrust Act passed.  It purported to end all industrial monopolies.

1926: The U.S. Army Air Corps was created and the Distinguished Flying Cross authorized.

1937: Aviator Amelia Earhart and co-pilot Fred Noonan disappeared in the South Pacific. 

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