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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.

In the context of the passage, the phrase in the highlighted text most closely corresponds to which of the following phrases?

A
Would have little bearing, if investors behaved rationally
B
Would have little bearing, if the actors involved behaved morally
C
Would have little bearing, if the consumer confidence index performed its objective accurately
D
Would have little bearing, if markets behaved normally
E
Would have little bearing, if the Conference Board did its job proficiently

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正确答案: A

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