The Dow Jones Industrial Average is the most inaccurate and distorted of all stock indices – and yet it remains the most followed stock market index.
Markets rose modestly on Monday after investors weighed data from earnings season.
For the fourth straight trading session, U.S. stocks climbed on news that General Electric Co. (NYSE: GE) and Morgan Stanley (NYSE: MS) and other companies beat quarterly expectations.
The Dow Jones today gained 89 points to close at 16,262.50. The S&P rose 12 points to close at 1,842.98, and the Nasdaq added 11 points to close at 4,034.16.
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At the closing bell, the Dow Jones Industrial Average fell 143 points to finish at 16,026.75. The Nasdaq dropped 54 points to finish at 3,999.73, while the S&P 500 lost 17 points to end the day at 1,815.69.
Here’s a recap of other major events today.
Markets plunged on Thursday despite positive economic data on unemployment benefits.
Greece will return to the international bond market this month, and other news capsules.
For months, Wall Street insiders have passed this chart around amongst themselves and nervously discussed whether it foretells a major stock market sell-off.
The chart compares the path of the current Dow Jones Industrial Average over the past year and a half to the Dow’s moves over the 1928-1929 period.
While the Dow is trading at a much higher level now than in the 1928-1929 period, the pattern is eerily similar to the path that led to the worst stock market crash in Wall Street history, right up to the recent stock market sell-off and recovery.