This post[1] from back in 2012 looks at how different things would have been for all the DJIA-referencing articles if Apple had been included in the average all along, instead of Cisco. (It also points out ridiculousness of the index that makes this possible.)
For a time before computers it made sense, but it's amazing that it's remained relevant this long. These days, there's no real reason to even use the S&P 500 as a market proxy given the existence of more comprehensive indexes, but at least it has a logical basis.
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This post[1] from back in 2012 looks at how different things would have been for all the DJIA-referencing articles if Apple had been included in the average all along, instead of Cisco. (It also points out ridiculousness of the index that makes this possible.)
For a time before computers it made sense, but it's amazing that it's remained relevant this long. These days, there's no real reason to even use the S&P 500 as a market proxy given the existence of more comprehensive indexes, but at least it has a logical basis.
[1] https://news.ycombinator.com/item?id=9161242