The federal law that moved Memorial Day to the last Monday in May took effect in 1971. Below we highlight the performance of the S&P 500 on the Friday before Memorial Day (FBMD) since then.
The average change on the FBMD since 1971 has been 0.12% (median 0.18%) with positive returns 59% of the time. This isn't great, but it's better than the average performance of about 0.03% for all days since 1971.
Over the last ten years, however, the average change has been negative at -0.28%. Three of the FBMDs over the last ten years have been -1%+ days, while we haven't seen one 1%+ up day. (Click to enlarge)
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