That’s because the Dow Jones Industrial Average is price weighted, unlike the S&P 500, which is market cap weighted.
这是因为道琼斯是价格加权指数，而不像标普500，是市值加权指数。
That's much higher than the S&P 500's price/earnings ratio of 15.5 at the end of June and a 25-year average of 16.9, according to Morgan Stanley.
摩根士丹利(Morgan Stanley)说，这既大大高于该指数6月底时15.5倍的市盈率，也高于该指数16.9倍的25年平均市盈率。
The stock market went through the roof. From July 1982 through August 2000, the S&P 500 stock price index grew at an average annual real rate of over 12%.
从1982年7月到2000年8月，标普500股指以平均每年12%的速度增长。
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