Another 11% Swing in the Dow Average Shows Value Still a Mystery
- Boeing’s market value is bouncing around like a penny stock
- Strategists around Wall Street are suspending their forecasts
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As Wall Street celebrates the Dow Jones Industrial Average’s biggest surge in nine decades, spare a thought for the people paid to figure out value in the stock market.
A lot of them are just giving up, sick of trying to make sense of a market whose view of a company like Boeing Co. changes by tens of billions of dollars a day. Volatility is just too high: the Dow has swung an average of 7% a day since March 12 -- that’s well over $1 trillion of market value gained or lost in each session -- compared with 0.6% in 2019.