As described in two entries by Benjamin Roth in The Great Depression: A Diary:
SEPTEMBER 1, 1932
The month of August just ended has been the lowest point so far in the depression for all kinds of business and professional men. The heat has been severe and all kinds of activity are at a complete standstill. The stock market on the contrary tripled its value during August in one of the quickest climbs ever witnessed. I believe this also established a record. Nobody seems to know even yet why the stock market went up because business has gotten worse instead of better.
SEPTEMBER 7, 1932
…Some comparison between stock prices between July and September follows: Aluminum Co. of Am. 25-85; Sheet & Tube 4 to 27; Bethlehem Steel 7 to 30; AT&T 70 to 120; U.S. Steel 22 to 50; Western Union 13 to 50; United Aircraft 7 to 30. Most of railroads are 400% higher now than in July although railroad business continues to get worse.