The Dow Jones Industrial Average dropped Exxon Mobil, Pfizer and Raytheon. As Spencerjakab explains, the timing could have been better. WSJWhatsNow
Want to annoy an investing pedant? Just talk about U.S. stocks in terms of the Dow Jones Industrial Average.
While the pros vastly prefer more sophisticated indexes weighted by market value over the Dow’s clunky price formula dating to the pre-calculator 1890s, everyone knows it was a bad day when “the market fell 300 points.” Telling your neighbor the drop in the S&P 500 or Russell 2000 is like describing the weather in Celsius.
But the Dow’s other shortcoming—or, depending on how you look at it, strength—is that it reflects human bias. That negates one of the advantages of indexing over active management. Even the S&P 500 is subject to a committee’s whims, but the regular reshuffling of the 30-member Dow affects it a lot more.
True, only a handful of index funds use the Dow as their basis, but membership confers “blue chip” status that impresses some individual stock investors. Others can profit by challenging that conventional wisdom.in the summer of 2020, for example, Covid-19 had turned the world upside down during the past six months. Energy demand plunged and oil futures prices briefly turned negative that spring.
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