The Dow Jones Industrial Average Index (DJIA) is the oldest continuously quoted index of stock price performance. The index tracks 30 large, publicly-owned blue-chip companies trading on the New York Stock Exchange (NYSE) and the NASDAQ. The index is maintained by maintained by S&P Dow Jones Indices and often re-evaluated to replace companies that no longer meet the listing criteria with those that do by a committee.

Critically discuss the use of the DJIA as an asset allocation proxy