Honors Program


Document Type


Date of this Version

Fall 12-18-2020


Quandt, A. (2020). Stock Market Correlations to Economic Indicators. Lincoln: University of Nebraska-Lincoln Digital Commons. Undergraduate Honors Thesis.


This paper was a result of me being in the University on Nebraska-Lincoln Honors program and my internship at the Bureau of Business Research (BBR). I used data collection and visualization techniques I learned in BBR, and was advised by Dr. Eric Thompson and Dr. Marijane England.

Copyright Anthony K. Quandt 2020.


For this project, I researched how representative the S&P 500 (a common index of choice to represent the market) is of the economic well-being of the US. I found that stock market data can be used an as indicator of the economic well-being of the U.S.. The results do not indicate that the stock market leads to recovery, but it does suggest that it is correlated with recovery. In my analysis, I compared the S&P 500 performance to four different economic indicators: Real Gross Domestic Product (GDP), The Consumer Price Index (CPI), Average Weekly Private Wages, and Unemployment Rate. A notable correlation was observed between the market and these variables except for Unemployment Rate.