Wall Street: Those Misleading Averages

Securities men have grumbled for years about the commonly used yardsticks of the stock market's behavior, claiming that they often so exaggerate the ups and downs of prices as to mislead the investing public. Last week the New York Stock Exchange itself joined in the catcalls. In an article in The Ex change, its monthly magazine, it blamed the most famous index of them all, the Dow-Jones industrial average, for much of the "pure nonsense" that is written about market trends. The heart of the problem, said the magazine, is the "tremendous...

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