Many investors and financial analysts believe the Dow Jones Industrial Average DJIA gives a good barometer of the overall stock

Question

Many investors and financial analysts believe the Dow Jones Industrial Average DJIA gives a good barometer of the overall stock market On January 31 2006 9 of the 30 stocks making up the DJIA increased in price The Wall Street Journal February 1 2006 On the basis of this fact a financial analyst claims we can assume that 30 of the stocks traded on the New York Stock Exchange NYSE went up the same day A sample of 73 stocks traded on the NYSE that day showed that 11 went up You are conducting a study to see if the proportion of stocks that went up is is significantly less than 0 3 You use a significance level of a 0 001 What is the test statistic for this sample Use p rounded to 4 decimal places Report answer accurate to 4 decimal places test statistic What is the p value for this sample Report answer accurate to 4 decimal places p value

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