Investors aren't imagining things if they think Mondays have been particularly ugly this year. That's the day the stock market hasracked up the bulk of its losses.

All told the S&P dropped 36 per cent during that period.

Monday has historically been the worst market day but not as dramatically as this, Mr Howard Silverblatt, S&P senior index analyst, said on Wednesday.

It's the only day of the week to have averaged a loss, albeit a slight one, based on records dating back to 1928.

'Mondays are feared mostly because there is nothing you can do' to get out of a stock if concerns arise over the weekend, he said.

Over the recent bear market and the last month in particular, Mr Silverblatt noted, there have been many instances of market-moving weekend events, from bailout talks to high-level Treasury meetings to international developments.

'Investors get very concerned,' he said, and come to the market on Monday morning in a selling mood.

Friday has been the second-worst day in the last 52 weeks, registering losses of 7.9 per cent, while the decline was 6.8 per cent on Wednesday.

The S&P actually gained 7.6 per cent on Tuesdays and 1.9 per cent on Thursdays during the 52-week period.

Totals don't reflect Wednesday's market decline. What's more, the daily numbers don't add up to the S&P's total 36 per cent drop because of compounding in the daily changes, Mr Silverblatt said. -- AP