Abstract
Study aims to analyze the macroeconomic effect of the Dow Jones index on IDX Composite on the Indonesia Stock Exchange. The variables used in the macro economy are inflation, kurs, SBI rate, FED rate. Another variable is the Dow Jones index. This study uses quarterly secondary data from 2010 to 2020. The data analysis model uses the Autoregressive Distributed Lag (ARDL) approach. The results of the ARDL model analysis show that in the long term inflation, kurs, and FED rate has a negative and insignificant effect on the IDX Composite, SBI rate variable has a positive and not significant effect on the IDX Composite, the Dow Jones index variable has a positive and no significant effect on the IDX Composite significant to the IDX Composite. In the short term, inflation has a negative and insignificant effect on the IDX Composite, kurs has a negative and significant effect on the IDX Composite, SBI rate has a positive and insignificant effect on the IDX Composite, FED rate and the Dow Jones index have a positive and significant effect on the IDX Composite. Keywords: IDX Composite, Inflation, Kurs, SBI Rate, FED Rate, Dow Jones index.
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