On the Peculiar Distribution of the U.S. Stock Indexes' Digits: The American Statistician: Vol 50, No 4

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Abstract

Recent research has focused on studying the patterns in the digits of closely followed stock market indexes. In this paper we find that the series of 1-day returns on the Dow-Jones Industrial Average Index (DJIA) and the Standard and Poor's Index (S&P) reasonably agrees with Benford's law and therefore belongs to the family of anomalous or outlaw numbers.

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