The stock market is a leading economic indicator. It affects the psychology of companies. When the market is up, there is a tendency toward growth and expansive thinking, but when it’s down, people are less likely to spend money on real estate and investments. In New York City, approximately 25% of the economy is tied directly or indirectly to the stock market. Looking at the last 20 years, we can compare the Dow Jones index levels with those of asking rents in New York and see a pattern.