Whither Now Dow?

Day-traders might say the Dow’s direction depends on the morning’s news. Pundits may cite the next winner of the Super Bowl or the political party of the next elected president. Fundamental analysts might say it depends on earnings growth. The DJIA is swayed both by economic and non-economic factors. This article estimates what portion of the Dow is economically driven and what portion is not explained by economic forces.

Editor’s Note: this article is less topical than it sounds

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