| Peter Klein |
One doesn’t have to be a strict methodological individualist to appreciate that collectives don’t think, act, and choose. Yet one of the standard tropes of financial journalism is the idea that the stock market, like your broker or your Aunt Sally, “reacts” to this or that bit of economic news. “Stocks Soar on Summers Withdrawal,” screams this morning’s Reuters headline. This reporter has some serious powers of discernment: trading Friday “was subdued ahead of the Federal Reserve’s expected reduction of stimulus measures next week.” “In reaction to the withdrawal of Mr. Summers, the dollar slipped to a near four-week low against a basket of currencies.” And: “Further whetting risk appetite were signs of progress in Syria following a Russian-brokered deal aimed at averting United States military action.”
Of course, this is all pure invention on the part of the reporter. Nobody knows for certain why a…
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Utopia, you are standing in it! 
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