Capitalytics

**Regression for Dow Total Stock Market Index**

	Dependent variable (+/- SE):

	Dow Total Stock Market Index

Constant	-23,593.570 (+/- 6,778.293)
	p = 0.002^***
Real GDP growth	-340.684 (+/- 36.303)
	p = 0.000^***
Real disposable income growth	-462.115 (+/- 87.984)
	p = 0.00002^***
Nominal disposable income growth	435.042 (+/- 75.386)
	p = 0.00001^***
Unemployment Rate	-2,569.106 (+/- 271.700)
	p = 0.000^***
Market Volatility Index	-108.764 (+/- 12.808)
	p = 0.000^***
30-year Treasury Yield	23,449.350 (+/- 2,529.442)
	p = 0.000^***
LN_30-year Treasury Yield	-82,102.150 (+/- 5,387.490)
	p = 0.000^***
5-year Treasury Yield	44,410.050 (+/- 5,080.945)
	p = 0.000^***
3-year Treasury Yield	42,245.100 (+/- 4,720.931)
	p = 0.000^***
LN_3-year Treasury Yield	-34,330.390 (+/- 3,056.559)
	p = 0.000^***
LN_1-year Treasury Yield	-3,330.394 (+/- 703.532)
	p = 0.0001^***
5-year Treasury Yield_2	-14,267.900 (+/- 1,353.888)
	p = 0.000^***
3-month Treasury Yield_2	-1,088.791 (+/- 297.805)
	p = 0.002^***

Observations	40
R²	0.991
Adjusted R²	0.986
Residual Std. Error	831.040 (df = 26)
F Statistic	217.570^*** (df = 13; 26)

Note:	^p<0.1; ^p<0.05; ^**p<0.01