We’re Already at Dow 30000, You Just Don’t Know It

The blue-chip index is a poor measure of what investors are doing

One big reason: Goldman Sachs Group Inc. The Dow’s strange focus on share price gives far more weight to Goldman than the bank’s market value deserves. At $236.59 a share, it is the most expensive stock in the average, meaning it has twice as much of an effect on the average as Apple Inc., which has a market capitalization more than six times that of Goldman.