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     The stock market tends to move in response to the monthly release of the U.S. consumer confidence index (CCI), signaling that individuals make investment decisions on the basis of this information. Such behavior is mostly irrational. The CCI is generally understood to be a lagging indicator; by the time the CCI has been released, the stock market should have already reflected the latest adjustments to its prices based on consumer sentiment. Furthermore, the CCI, to the degree that it reflects on the stock market, reflects only on the stock market as a whole, not on individual stocks. The questions that make up the CCI, indeed, gauge individual levels of confidence about factors, such as employment rates, that should have little direct bearing on most individual stocks relative to other factors. To dampen the influence of the CCI on the stock market, the Conference Board, the nonprofit group that reveals the information each month, should adjust its timetable in order to publish the CCI outside of stock market hours. In that case, the impact of the CCI on stock market prices would be smoothed and would be more likely to reflect individual investors' business estimates, rather than their animal whims.    

The passage mentions each of the following as having an unwarranted influence on the stock market EXCEPT

  • A

    releasing information that should not affect stock prices outside of market hours

  • B

    basing stock market decisions on the Consumer Confidence Index

  • C

    adjusting investments based on information that reflects market factors such as employment rates

  • D

    informing positions about individual stocks with changes in the overall sentiment about the market as a whole

  • Echanging investment decisions on the basis of a lagging indicator
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正确答案: A

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