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Soaring Stock Market May Not Be Boon To San Diego Economy

A San Diego business professor says the Dow Jones Industrial Average could end up closing above 17,000 for the first time soon, but the local economy probably won't be affected.

Rolf Kleef

View of the New York Stock Exchange Building on June 20, 2008

The value of the 30 blue-chip stocks has pushed the widely watched Dow index to that brink. Tony Cherin, professor emeritus at San Diego State University's business school, said 17,000 is a milestone, just not one that holds a lot of meaning.

"I wouldn't say that there's a direct relationship between what's going to happen in the San Diego economy based on where the Dow Jones Industrial average is," Cherin said.

There are other indicators that Cherin looks to when he wants to know about the health of the economy. He pays attention to the unemployment rate, the growth in gross domestic product and how the U.S. performs when compared with other countries.

Cherin also noted that the Dow Industrial Average reflects just 30 companies, none of which is based in San Diego.

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