2015
DOI: 10.19030/jabr.v32i1.9541
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US Stock Market And Macroeconomic Factors

Abstract: This paper analyzes the relationship between the US stock market and some relevant US macroeconomic factors, such as gross domestic product, the consumer price index, the industrial production index, the unemployment rate and long-term interest rates. All the relevant factors show statistically significant relationships with the stock market except for the consumer price index, and the signs are consistent with the findings of previous literature.

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Cited by 54 publications
(33 citation statements)
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“…These findings mean that the U.S. government long-term bond rate has a statistically significant positive effect on the stock returns and clears the test hurdle of the absolute t -statistic of both 2.78 and 3. This finding is consistent with some studies ( Dai and Zhou, 2020 ; Dai and Zhu, 2020 ) but contradicts others ( Anderson et al., 2008 ; Campbell et al., 2019 ; Jareño and Negrut, 2016 ; Wong et al., 2005 ).
Figure 7 The kappa and distribution.
…”
Section: Resultssupporting
confidence: 91%
“…These findings mean that the U.S. government long-term bond rate has a statistically significant positive effect on the stock returns and clears the test hurdle of the absolute t -statistic of both 2.78 and 3. This finding is consistent with some studies ( Dai and Zhou, 2020 ; Dai and Zhu, 2020 ) but contradicts others ( Anderson et al., 2008 ; Campbell et al., 2019 ; Jareño and Negrut, 2016 ; Wong et al., 2005 ).
Figure 7 The kappa and distribution.
…”
Section: Resultssupporting
confidence: 91%
“…Besides, Demirguc-Kunt and Levine (1996) reinforced this segmentation by drawing attention to the increased flow of equity investments to emerging markets. However, the literature is inundated with arguments that economic growth is impacted by several factors: financial markets (Ngongang, 2015;Hassan et al, 2016;Puryan, 2017;Njemcevic, 2017); stock market (Acquah-Sam and Salami, 2014;Njogo and Ogunlowore, 2014;Yadirichukwu and Chigbu, 2014;Niranjala, 2015;Khan and Ahmed, 2015;Khyareh and Oskou, 2015;Jareno and Negrut, 2016;Nordin and Nordin, 2016;Taiwo et al, 2016) and banks (Ngongang, 2015;Puryan, 2017. The main argument regarding market opening in recent times revolves around allowing greater participation by international investors in domestic markets (Patro, 2005) while Pagano (1993) showed that financial intermediation has both level and growth effects; adding, however, that the resulting models have offered important insights into the effect of financial development on growth and vice versa. Odo et al (2017) argued that in traditional growth theory, the growth rate is a positive function of exogenous technical progress, but at the same time acknowledge that endogenous growth models on the other hand show that economic growth performance is related to financial development, technology and income distribution.…”
Section: Literature Reviewmentioning
confidence: 99%
“…The study by (Jareño and Negrut, 2016) in the United States using Pearson correlation shows a statistically significant relationship between GPD, the industrial production index, the unemployment rate, long-term interest rates, and stock return. A significant relationship between the MVs and stock returns in Kenya, Uganda, and Tanzania was also identified by (Laichena and Obwogi, 2015).…”
Section: Economic Variables and Stock Marketmentioning
confidence: 98%