Serious question here.
When and how did the Dow Jones index become a significant part of discussion about market performance?
I've mostly noticed this about the older people I've talked to, say 50+. They'll tell me “the market” is up/down xxxx points but when I check SPY, QQQ, IWM, and my watchlist of the different industry sectors (XLB, XLF, XLU, etc.) I rarely see a correlation to what they're talking about.
I've looked through the 30 companies in the Dow and have a really tough time seeing how it could be taken as a reasonable representation of the broader market, rather it seems super cherry picked. Not trying to hate, I actually like a number of the companies.
Am I missing something fundamental here?
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