>>508859360This. Though I think if it were indeed the case you could argue that that today's stock price = yesterday's stock price + a*news
Where a is some random number.
I'm trying to say the market no longer cares as much about the absolute value of the stock, and instead cares more about what it was relative to what it was yesterday. There's a sort of holonomy.
The 21st century market cares less about the absolute value of the stock because of a bigger derivatives market, high frequency trading and retail investors.