This is something I was completely unaware of. Anyone who has given even a moment thought to how the Dow is calculated will appreciate that it is a useless anachronistic tool but I had no idea how screwed its calculation was. Apparently, the calculation of the Dow has a series of historical errors that were never corrected and once you correct for those errors the correct Dow figure should be 54,452.
50.60% higher than where the Dow closed yesterday (36157.58). That is an astonishing error. Note this is not an abstract or theoretical measure of value, but rather, the proper price of the Dow if we correct those historical mistakes and errors and properly calculate the index.
More here – The Big Picture