The genius of “The Market” at work: news of Osama’s death had no effect on financial markets…Neither did the Korean War, JFK’s assassination nor the bombing of Pearl Harbor…Yeah, the market didn’t think Pearl Harbor had much economic significance, according to a 1980s report co-authored by everyone’s favorite Wall Street goon, Larry Summers - By

What You Should Know / May 2, 2011

The genius of “The Market” at work: news of Osama’s death had no effect on financial markets…Neither did the Korean War, JFK’s assassination nor the bombing of Pearl Harbor…Yeah, the market didn’t think Pearl Harbor had much economic significance, according to a 1980s report co-authored by everyone’s favorite Wall Street goon, Larry Summers

www.marketwatch.com -- The result was a list of 49 distinct events, such as Pearl Harbor, the Korean War, Kennedy’s assassination, and so forth. The professors then measured the average absolute return of the S&P 500 index SPX -0.18% on these days.The professors came up with little evidence that non-economics events had a big effect on the stock market.