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The Dow Jones Industrial Average developed by Charles H. Dow in 1895 and the Railroad (now Transportation) Average added in 1897, were originally intended to be indicators of business activity. By adding the Bull and Bear definitions you can see that "the market" has been an excellent ‘Predictor’ of the economy in the 20th and 21st centuries as shown below:


Bull Markets and Expansions
BULL MARKET
DATES: 		BUSINESS
EXPANSION DATES: 		LENGTH IN YEARS
OF THE BUSINESS EXPANSION: 		LEAD TIME OF BULL MARKET START TO EXPANSION START:
9/00 - 6/01 12/00 - 9/02 1.8 3 months
11/03 - 1/06 8/04 - 5/07 2.8 9
11/07 - 11/09 6/08 - 1/10 1.4 7
9/11 - 9/12 1/12 - 1/13 1.0 4
7/14 - 11/16 12/14 - 8/18 3.7 5
12/17 - 11/19 3/19 - 1/20 .8 15
8/21 - 3/23 7/21 - 5/23 1.8 -1
10/23 - 9/29 7/24 -10/26 2.3 9
(11/27 - 8/29) 1.8 n/a
7/32 - 3/37 3/33 - 5/37 4.2 8
3/38 - 11/38 6/38 - 2/45 6.7 3
4/42 - 5/46 Same as above n/a
(10/45 -11/48) 3.1 n/a
6/49 - 4/56 10/49 - 7/53 3.75 4
(5/54 - 8/57) 3.25 n/a
10/57 - 12/61 4/58 - 4/60 2.0 6
6/62 - 2/66 2/61 - 2/66* 5.8 -16
10/66 - 12/68 6/67*-12/69 2.5 8
5/70 - 1/73 11/70 - 11/73 3.0 6
12/74 - 9/76 3/75 - 1/80 4.8 3
2/78 - 9/78 Same as above n/a
4/80 - 4/81 7/80 - 7/81 1.0 3
8/82 - 8/87 11/82 - 7/90 7.7 3
10/87 - 7/90 Same as above n/a
10/90 - 7/98 3/91 - 3/01 10.0 5
8/98 - 1/00  Same as above n/a
9/01 - 3/02 11/01 - 12/07 6.1 2
10/02 -10/07 Same as above   n/a
11/08 - 1/09 7/09 - ?   8
3/09 - 4/11 7/09 - ?   4
Average: 3.5 years 4.3 months


*per Forbes Magazine 1/23/89, the economic expansion was interrupted by a "growth recession" when Industrial production fell from the 1st quarter to the 3rd quarter of 1967.
The BOTTOM LINE: 100% of  Bull Markets in the 20th-21st Century have been accompanied by or followed shortly thereafter (4.3 months on average) by economic expansions.