But historical data doesn't create swings in the DJIA. It's the difference in these factors over time that creates the swings in the DJIA.
A few years ago we had low inflation and low interest rates. In the case of interest rates, 30 year mortgage rates went from around 3% to almost 8% in 2022 and 2023. Sure rates have recovered slightly, but the results of more than doubling mortgage rates is now coming home to roost.
As far as inflation, inflation of 2021-2023 was 3 times the rates of the previous 3 years. And keep in mind that this data has a compounding effect. The affects of this are taking its toll on corporate profits and therefore the DJIA.
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Inflation:
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