Who Del
February-1st-2009, 06:18 PM
http://www.thepittsburghchannel.com/money/18607331/detail.html
PITTSBURGH -- The stock market and the Pittsburgh Steelers have had a healthy relationship for more than 30 years. When the Steelers have a big year, apparently, so does the economy.
In each of Pittsburgh's five Super Bowl-winning years, the S&P 500 jumped an average of 25.5 percent, compared to just 9 percent when another team takes home the title.
"Not only do we have a record of winning, we have a possible record of influence," said Nancy Skeans, of Schneider Downs Wealth Management.
But is there a real correlation? Probably not.
Skeans told Call 4 Action reporter Aaron Saykin that almost all of the Steelers' titles came after a year of economic turmoil, starting with their first Super Bowl appearance in 1975.
"The Steelers happened to play right after that period of time, and when the market was so compressed, it makes sense that eventually it's going to pop and go in the other direction," Skeans said.
Since 2008 was also a year of turmoil, some experts think the coincidence could repeat itself -- albeit with more modest gains -- after Super Bowl XLIII on Sunday.
It doesn't hurt that President Barack Obama has said he's cheering for the Steelers to beat the Arizona Cardinals for the championship.
The country is excited about its new president and might again start to feel optimistic about investing -- perhaps leading to a positive fourth quarter on both Wall Street and the playing field.
"I'm in favor of that, let me be clear, and I think optimism has its own virtues and rewards, plus we've got the president behind us," said Robert Strauss, an economist from Carnegie Mellon University.
One bit of history is not on the Steelers' side.
January is traditionally considered a strong indicator for the rest of the year on Wall Street. On Friday, the month ended with the market down nearly 800 points.
PITTSBURGH -- The stock market and the Pittsburgh Steelers have had a healthy relationship for more than 30 years. When the Steelers have a big year, apparently, so does the economy.
In each of Pittsburgh's five Super Bowl-winning years, the S&P 500 jumped an average of 25.5 percent, compared to just 9 percent when another team takes home the title.
"Not only do we have a record of winning, we have a possible record of influence," said Nancy Skeans, of Schneider Downs Wealth Management.
But is there a real correlation? Probably not.
Skeans told Call 4 Action reporter Aaron Saykin that almost all of the Steelers' titles came after a year of economic turmoil, starting with their first Super Bowl appearance in 1975.
"The Steelers happened to play right after that period of time, and when the market was so compressed, it makes sense that eventually it's going to pop and go in the other direction," Skeans said.
Since 2008 was also a year of turmoil, some experts think the coincidence could repeat itself -- albeit with more modest gains -- after Super Bowl XLIII on Sunday.
It doesn't hurt that President Barack Obama has said he's cheering for the Steelers to beat the Arizona Cardinals for the championship.
The country is excited about its new president and might again start to feel optimistic about investing -- perhaps leading to a positive fourth quarter on both Wall Street and the playing field.
"I'm in favor of that, let me be clear, and I think optimism has its own virtues and rewards, plus we've got the president behind us," said Robert Strauss, an economist from Carnegie Mellon University.
One bit of history is not on the Steelers' side.
January is traditionally considered a strong indicator for the rest of the year on Wall Street. On Friday, the month ended with the market down nearly 800 points.