4 Stock indices are like brand names, with the world’s most well-known stock index being the Dow Jones Industrial Average (DJIA). All stock indices have one thing in common: they are supposed to gauge the interests of investors in their respective markets. Unlike the S&P 500 index used by serious investors to determine the strength of the US stock market, S&P Japan and S&P Europe represent the investors’ sentiments in Japan and Europe respectively (see Figures 18.8 and 18.9). Do you feel that these national and regional indices serve a useful function in helping investors analyze their international investment opportunities?