Stock Market: Testing for Randomness Above and Below the Median Listed below are the annual high points of the Dow Jones Industrial Average for a recent sequence of years. First find the median of the values, then replace each value by Aif it is above the median and B if it is below the median. Then apply the runs test to the resulting sequence of As and Bs. What does the result suggest about the stock market as an investment consideration?

969 995 943 985 969 842 951 1036 1052 892 882 1015 1000 908 898 1000 1024 1071 1287 1287 1553 1956 2722 2184 2791 3000 3169 3413 3794 3978 5216 6561 8259 9374 11,497 11,723 11,338 10,635 10,454 10,895