On Wednesday, the Dow Jones industrial average closed above 20,000 for the first time since it was established in 1896, leading to much fanfare … and just as much skepticism about the milestone's significance. Quartz, for example, calls hitting this benchmark "meaningless," offering a mathematical illustration—as well as an explainer about a "weird" figure called the Dow Divisor—that shows why we can basically "ignore the Dow" when it comes to assessing the overall economy. Other takes from around the web:
- The New York Times lays out some basic facts on the numbers, noting that only 30 companies make up the Dow and that the percentage jump from 10,000 points to 20,000 isn't nearly as impressive as its climb to 1,000 for the first time, in 1972. A former Reagan budget chief calls this "the greatest sucker's rally in history" and the "greatest short of all time," predicting a plummet is heading our way.