As stock indices go, the Dow is weird and people tend to hate it.
That’s because it’s a price-weighted index, so a stock with a high per-share price will move the index around more. In fact, a one-point move in any single Dow stock moves the whole index by 6.4219 points.
Right now, the Dow is up about 60 points (0.4%). And that’s entirely due to two credit card companies, Visa and American Express.
American Express is ripping just under 5% today after posting solid earnings, accounting for 26.5 points of the Dow’s rise.
Visa is only up 2%, but it’s adding 30 points to the Dow.
Together, Visa and American Express are responsible for 94% of the entire index’s rise.
Again, the Dow is weird and people tend to hate it.
Meanwhile, the S&P 500 is basically flat today. Go figure.