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WTF is the DOW Index?

So this is for the !Stock Picking Discussion #Forum because as it turns out a lot of people who might want to invest don't know what those news-making indexes are or why they should or should not matter.

The attached article below is a link to a Google Spreadsheet document that calculates the Dow Jones Industrial Average live. You can click around in the cells to see how it's calculating to come up with the number talked about on the news. Their's lots to say about this one, so I'm going to thread comments below to explain more...

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