Does the weather affect the stock market?

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Sunny Spring days are associated with reports of greater life satisfaction (Schwarz & Clore, 1983), greater agreement with persuasive arguments (Sinclair, Mark, & Clore, 1994), and even greater profits from stock and bonds (Saunders, 1993).  Indeed, stock trades from 26 exchanges around the world between 1982 and 1997 showed that profits were up 24.8% on unseasonably sunny days compared to cloudy days (Hirschleifer & Shumway, 2003). Unseasonably sunny weather appears to elicit positive affect, which is then reflected in positive judgments.  In this chapter, we discuss such findings from the standpoint of the affect-as-information approach (Clore, Schwarz & Conway, 1994). 

Source: “Affect as Information About Liking, Efficacy, and Importance” by Gerald L. Clore and Justin Storbeck, University of Virginia

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