Filed under: Major movement, Wal-Mart (WMT), Indices, Market matters, DJIA

Nobody ever knows why the stock market goes up or down every day. But that doesn't stop people from offering reasons. For instance, people used to say that if oil prices fell, stocks would rise. They said that if the government came to the rescue of troubled financial institutions, that would boost stocks. And they suggested that if the Fed cut interest rates more than expected, investors would buy stocks.

But today, The New York Times decided not to even offer an explanation. It suggested that nobody knows. And I agree with the Times -- I just disagree on all the other days when the media does offer an explanation for the daily movement of the stock market. Here are some of the discredited means of explaining today's move.

Oil. Today oil fell $1.70 which normally makes stocks go up. Retail sales. As I posted, Wal-Mart Stores (NYSE: WMT) did well and so did other discount stores. But that's been true for a year so there is no market moving news here. Jobless claims. The number of people claiming "unemployment benefits last week rose to 444,000, near a five-year high," according to the Times. But those numbers have been rising all year.

Continue reading Nobody knows why the Dow dropped 345 points today

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