The DJIA is a "bad" index but it is highly correlated with the S&P 500. I'm including a link to a study looking at ~70 years of data which shows a 0.95 correlat

The DJIA is a "bad" index but it is highly correlated with the S&P 500. I'm including a link to a study looking at ~70 years of data which shows a 0.95 correlation coefficient between DJIA and SP500. http://www-stat.wharton.upenn.edu/~steele/Courses/434/434Context/Indices/DowFlaws.pdf http://www-stat.wharton.upenn.edu/~steele/Courses/434/434Con... So, while the methodology might be spurious (random search terms may give false positives) i don't think the use of the Dow vs SP500 is a key criticism.