The Semiosis of Stock Market Indices: Taking Charles Sanders Peirce to a Trading Room

Duterme, Tom

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Abstract
Stock market indices are among the signs populating financial markets andallowing traders to support their valuation work. The movements of the DowJones and the S&P 500 are constantly monitored, but how are theyinterpreted? Is this interpretation unique to each trader? Does it depend onhow the indices are communicated? Considering these questions, this articleaims to illustrate the heuristic interests of Charles Sanders Peirce’s semiotics.Peirce’s concepts can elucidate that stock indices assume different semioticstatuses. Depending on the financial context in which they operate, theirsignification and thus their function for traders will vary. This articledemonstrates the usefulness of these concepts through empirical illustrationsdrawn from the literature, the financial press and a fieldwork in a tradingroom. Beyond this case study, this article reveals how the Peircian toolboxcontributes to the studies of valuation signs.
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