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DOW JONES INDUSTRIAL AVERAGE MILESTONES

Dow Jones & Company, which is listed on the New York Stock Exchange under the ticker symbol DJ, was founded in New York City in 1882 by Edward Davis Jones, Charles Henry Dow and Charles Milford Bergstresser.

The cornerstone of Dow Jones is its flagship publication, The Wall Street Journal, which also happens to be the world's leading business publication. The Journal, which was founded in 1889, has a current circulation of nearly 2.1 million.

The Dow Jones Industrial Average is an index of 30 "blue-chip" U.S. stocks. At 100-plus years, it is the oldest continuing U.S. market index. It is called an "average" because it originally was computed by adding up stock prices and dividing by the number of stocks. (The very first average price of industrial stocks, on May 26, 1896, was 40.94.) The methodology remains the same today, but the divisor has been changed to preserve historical continuity. The DJIA is the best-known market indicator in the world, partly because it is old enough that many generations of investors have become accustomed to quoting it, and partly because the U.S. stock market is the globe's biggest.

The industrial average started out with 12 in 1896, rising to 20 in 1916. The 30-stock average made its debut in 1928, and the number has remained constant ever since.

Microsoft and Intel are the only blue-chips that are not quoted on the New York Stock Exchange (NYSE). They are laisted on Nasdaq.

How are stocks picked for the DJIA?

The editors of The Wall Street Journal select the components of the industrial average. They take a broad view of what industrial means, too; in essence, it is almost any company that isn't in the transportation business or isn't a utility (because there also are Dow Jones Averages for those kinds of stocks). In choosing a new company for the DJIA, they look among substantial industrial companies with a history of successful growth and wide interest among investors. The components of the DJIA are not changed often. It isn't a "hot stock" index, after all, and the Journal editors believe that stability of composition enhances the trust that many people have in the averages. The most frequent reason for changing a stock is that something is happening to one of the components, such as being acquired. Whenever one stock is changed, the rest are reviewed.

What happened to the original 12 companies in the DJIA?

Company 1896 What Became of It
American Cotton Oil Distant ancestor of Bestfoods
American Sugar Evolved into Amstar Holdings
American Tobacco Broken up in 1911 antitrust action
Chicago Gas Absorbed by Peoples Gas, 1897
Distilling & Cattle Feeding Whiskey trust evolved into Millennium Chemical
General Electric Going strong and still in the DJIA
Laclede Gas Active, removed from DJIA in 1899
National Lead Today's NL Industries removed from DJIA in 1916
North American Utility combine broken up in 1940s
Tennessee Coal & Iron Absorbed by U.S. Steel in 1907
U.S. Leather (preferred) Dissolved in 1952
U.S. Rubber Became Uniroyal, now part of Michelin

There are two ways to measure: index points and percentage change. Here are tables of the biggest one-day rises in both terms.

Days with Greatest Net Gain
Rank Date Close Net Chg. % Chg.
1 03/16/2000 10630.60 499.19 4.93
2 07/24/2002 8191.29 488.95 6.35
3 07/29/2002 8711.88 447.49 5.41
4 04/05/2001 9918.05 402.63 4.23
5 04/18/2001 10615.83 399.10 3.91
6 09/08/1998 8020.78 380.53 4.98
7 10/15/2002 8255.68 378.28 4.80
8 09/24/2001 8603.86 368.05 4.47
9 10/01/2002 7938.79 346.86 4.57
10 05/16/2001 11215.92 342.95 3.15
Days with Greatest Percentage Gain
Rank Date Close Net Change % Change
1 10/06/1931 99.34 12.86 14.87
2 10/30/1929 258.47 28.40 12.34
3 09/21/1932 75.16 7.67 11.36
4 10/21/1987 2027.85 186.84 10.15
5 08/03/1932 58.22 5.06 9.52
6 02/11/1932 78.60 6.80 9.47
7 11/14/1929 217.28 18.59 9.36
8 12/18/1931 80.69 6.90 9.35
9 02/13/1932 85.82 7.22 9.19
10 05/06/1932 59.01 4.91 9.08

In percentage terms, here are the DJIA's 10 biggest annual gains:

The Dow's Best Years
Rank Year Close % Change
1
1915
99.15
81.66
2
1933
99.90
66.69
3
1928
300.00
48.22
4
1908
86.15
46.64
5
1954
404.39
43.96
6
1904
69.61
41.74
7
1935
144.13
38.53
8
1975
852.41
38.32
9
1905
96.20
38.20
10
1958
583.65
33.96

In percentage terms, here are the DJIA's 10 largest one-year declines:

 
The Dow's Worst Years
Rank Year Close % Change
1
1931
77.90
-52.67
2
1907
58.75
-37.73
3
1930
164.58
-33.77
4
1920
71.95
-32.90
5
1937
120.85
-32.82
6
1914
54.58
-30.72
7
1974
616.24
-27.57
8
1903
49.11
-23.61
9
1932
59.93
-23.07
10
1917
74.38
-21.71
 
Milestone Closings Summary from 1906
100 - January 12, 1906 100.25
500 - March 12, 1956 500.24
1,000 - November 14, 1972 1,003.16
1,500 - December 11, 1985 1,511.70
2,000 - December 11, 1985 2,002.25
2,500 - July 17, 1987 2,510.04
3,000 - April 17, 1991 3,004.46
3,500 - May 19, 1993 3,500.03
4,000 - February 23, 1995 4,003.33
4,500 - June 16, 1995 4,510.79
5,000 - November 21, 1995 5,023.55
5,500 - February 8, 1995 5,539.45
6,000 - October 14, 1996 6,010.00
6,500 - November 25, 1996 6,547.79
7,000 - February 13, 1997 7,022.44
8,000 - July 16, 1997 8038.88
9,000 - April 6, 1998 3.23
10,000 - March 29, 1999 10006.78
11,000 - July 16, 1999 11209.84
12,000 - October 19, 2006 12011.73
13,000 - April 25, 2007 13089.89

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Dow Jones Industrial Average Milestones 1000+
First Close Above Close Date First Close Above Close Date
1000 1003.16 11/14/1972 1100 1121.81 02/24/1983
1200 1209.46 04/26/1983 1300 1304.88 05/20/1985
1400 1403.44 11/16/1985 1500 1511.70 12/11/1985
1600 1600.69 02/06/1986 1700 1713.99 02/27/1986
1800 1804.24 03/20/1986 1900 1903.54 07/01/1986
 
2000 2002.25 01/08/1987 2100 2102.50 01/19/1987
2200 2201.49 02/05/1987 2300 2333.52 03/20/1987
2400 2405.54 04/06/1987 2500 2510.04 07/17/1987
2600 2635.84 08/10/1987 2700 2700.57 08/17/1987
2800 2810.15 01/02/1990 2900 2900.97 06/01/1990
 
3000 3004.46 04/17/1991 3100 3101.52 12/27/1991
3200 3201.48 01/03/1992 3300 3306.13 04/14/1992
3400 3413.21 06/01/1992 3500 3500.03 05/19/1993
3600 3604.86 08/18/1993 3700 3710.77 11/16/1993
3800 3803.88 01/06/1994 3900 3914.48 01/21/1994
 
4000 4003.33 02/23/1995 4100 4138.67 03/24/1995
4200 4201.61 04/04/1995 4300 4303.98 04/24/1995
4400 4404.62 05/10/1995 4500 4510.79 06/16/1995
4600 4615.23 07/05/1995 4700 4702.73 07/07/1995
4800 4801.80 09/14/1995 4900 4922.75 11/15/1995
 
5000 5023.55 11/21/1995 5100 5105.56 11/29/1995
5200 5216.47 12/13/1995 5300 5304.98 01/29/1996
5400 5405.06 02/01/1996 5500 5539.45 02/08/1996
5600 5600.15 02/12/1996 5700 5748.82 05/20/1996
5800 5838.52 09/13/1996 5900 5904.90 10/01/1996
 
6000 6010.00 10/14/1996 6100 6177.71 11/06/1996
6200 6206.04 11/07/1996 6300 6313.00 11/14/1996
6400 6430.02 11/20/1996 6500 6547.79 11/25/1996
6600 6600.66 01/07/1997 6700 6703.79 01/10/1997
6800 6833.10 01/17/1997 6900 6961.63 02/12/1997
 
7000 7022.44 02/13/1997 7100 7214.49 05/05/1997
7200 7214.49 05/05/1997 7300 7333.55 05/15/1997
7400 7435.78 06/06/1997 7500 7539.27 06/10/1997
7600 7711.47 06/12/1997 7700 7711.47 06/12/1997
7800 7895.81 07/03/1997 7900 7962.31 07/08/1997
 
8000 8038.88 07/16/1997 8100 8116.93 07/24/1997
8200 8254.89 07/30/1997 8300 8314.55 02/11/1998
8400 8451.06 02/18/1998 8500 8545.72 02/27/1998
8600 8643.12 03/10/1998 8700 8718.85 03/16/1998
8800 8803.05 03/19/1998 8900 8906.43 03/20/1998
 
9000 9033.23 04/06/1998 9100 9110.02 04/14/1998
9200 9211.84 05/13/1998 9300 9328.19 07/16/1998
9400 9544.97 01/06/1999 9500 9544.97 01/06/1999
9600 9643.32 01/08/1999 9700 9736.08 03/08/1999
9800 9897.44 03/11/1999 9900 9958.77 03/15/1999
 
10000 10006.78 03/29/1999 10100 10197.70 04/08/1999
10200 10339.51 04/12/1999 10300 10339.51 04/12/1999
10400 10411.66 04/14/1999 10500 10581.42 04/21/1999
10600 10727.18 04/22/1999 10700 10727.18 04/22/1999
10800 10831.71 04/27/1999 10900 11014.69 05/03/1999
11000 11014.69 05/03/1999 11100 11107.19 05/13/1999
11200 11200.98 07/12/1999 11300 11326.04 08/25/1999
11400 11405.76 12/23/1999 11500 11522.56 01/07/2000
11600 11722.98 01/14/2000 11700 11722.98 01/14/2000
11700 11727.34 10/03/2006 11800 11867.00 10/10/2006
11900 11960.41 10/13/2006 12000 12011.73 10/19/2006
12100 12116.91 10/23/2006 12200 12218.01 11/14/2006
12300 12305.82 11/16/2006 12400 12416.76 12/14/2006
12500 12510.57 12/27/2006 12600 12621.77 01/24/2007
12700 12741.86 02/14/2007 12800 12803.84 4/18/2007
12900 12961.98 4/20/2007 13000 13089.89 4/25/2007
           

 

Components of the Dow Jones Oct 2006

COMPANY NAME PRIMARY EXCHANGE TICKER STYLE ICB SUB
SECTOR
WEIGHT PCT
3M Co. New York SE MMM N/A Diversified Industrials 5.046043
Alcoa Inc. New York SE AA VAL Aluminum 1.784854
Altria Group Inc. New York SE MO VAL Tobacco 5.329131
American Express Co. New York SE AXP GRO Consumer Finance 3.88291
American International Group Inc. New York SE AIG VAL Full Line Insurance 4.501954
AT&T Inc. New York SE T VAL Fixed Line Teleco 2.248635
Boeing Co. New York SE BA GRO Aerospace 5.51384
Caterpillar Inc. New York SE CAT N/A Commercial Vehicles & Trucks 4.623086
Citigroup Inc. New York SE C VAL Banks 3.371614
Coca-Cola Co. New York SE KO VAL Soft Drinks 2.945979
E.I. DuPont de Nemours & Co. New York SE DD VAL Commodity Chemicals 3.016918
Exxon Mobil Corp. New York SE XOM VAL Integrated Oil & Gas 4.577578
General Electric Co. New York SE GE VAL Diversified Industrials 2.407913
General Motors Corp. New York SE GM VAL Autos 2.207811
Hewlett-Packard Co. New York SE HPQ VAL Computer Hardware 2.600653
Home Depot Inc. New York SE HD GRO Home Improvement Retailers 2.469483
Honeywell International Inc. New York SE HON VAL Diversified Industrials 2.851617
Intel Corp. NASDAQ NMS INTC GRO Chips 1.446889
International Business Machines Corp. New York SE IBM VAL Computer Services 5.760788
Johnson & Johnson New York SE JNJ GRO Pharma 4.32193
JPMorgan Chase & Co. New York SE JPM VAL Banks 3.223043
McDonald's Corp. New York SE MCD VAL Restaurants & Bars 2.818155
Merck & Co. Inc. New York SE MRK VAL Pharma 2.890433
Microsoft Corp. NASDAQ NMS MSFT GRO Software 1.899293
Pfizer Inc. New York SE PFE VAL Pharma 1.846424
Procter & Gamble Co. New York SE PG GRO Nondurable Household Products 4.157967
United Technologies Corp. New York SE UTX N/A Aerospace 4.450423
Verizon Communications Inc. New York SE VZ VAL Fixed Line Teleco 2.479521
Wal-Mart Stores Inc. New York SE WMT GRO Broadline Retailers 3.24312
Walt Disney Co. New York SE DIS N/A Broadcasting & Entert 2.081995
           

Date Tables Source: Dow Jones & Company

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Summary of Key Events:

1884
"Customers Afternoon Letter" publishes closing prices of 11 stocks - nine railroads, Western Union and Pacific Mail. Closing average price not available.

16 February 1885
The average closed at 62.76, the first time it is published on a regular basis, and includes 14 stocks - 12 railroads and two industrials.

26 May 1896
Charles Dow introduces the first index composed entirely of industrial shares, covering 12 companies. The Dow Jones Industrial Average is born.

12 January 1906
Index closes at 100.25, the first close above 100. President Theodore Roosevelt is in office. The New York Stock Exchange trades 260m shares for the year.

12 March 1956
First close over 500 at 500.24. Dwight Eisenhower is in the White House. Trading on the New York Stock Exchange totals 766m shares for the year.

14 November 1972
The Dow tops 1,000 to end at 1,003.16. President Richard Nixon is in office. The index briefly reached 1,000 in early 1966 but retreated and closed below that milestone. The NYSE trades nearly 3bn shares for all of 1972.

8 January 1987
First close above 2,000 at 2,002.25. President Ronald Reagan is in office.

19 October 1987
The index falls 508 points to 1,738.74, the biggest one-day drop in its history, wiping 22.6% off its value in one day.

13 July 1990
The Dow hits 3,000 for the first time but falls back to close at 2,980.20.

17 April 1991
Dow ends above 3,000 for the first time at 3,004.46. George Bush is president, facing a severe budget deficit. 40bn shares are traded on the NYSE for the year.

23 February 1995
First close above 4,000 at 4,003.33 amid euphoria that interest rates were peaking. Bill Clinton is in the White House.

21 November 1995
Ends above 5,000 for the first time at 5,023.54, passing two millennium markers in the same year.

14 October 1996
The Dow breaks through the 6,000 points level for the first time and closes at 6,010.00, double where it stood just five-and-a-half years earlier. NYSE volume routinely exceeds 2bn shares per week.

13 February 1997
Just four months later, the Dow Jones has added another 1,000 points to close above 7,000.

16 July 1997
The Dow Jones index closes above 8,000. In less than two-and-a-half years the Dow Jones has managed to double in size.

27 October 1997
Chaos on Asia's financial markets leads to a global selloff. The Dow Jones index falls 554 points - its biggest single-day point drop. However, as the index has dramatically grown in size, this amounts to "only" 7.2% of the Dow's overall value. For the first time curbs - that were instituted after the 1987 crash - halt trading for 30 minutes after the Dow falls 350 points.
After the Dow falls more than 550 points, trading is halted again for the final 30 minutes of trading.

28 October 1997
The next day, Wall Street leads a global stock rebound. The Dow finishes up 337 points, or 4.7%, at 7,498, its fourth-biggest single-day points gain. NYSE daily volume tops 1bn shares for the first time, ending the day at 1.2bn shares traded.

3 April 1998
The Dow rises above 9,000 points early in the session as a surprisingly weak report on U.S. employment sends interest rates lower.

17 July 1998
New heights are scaled as the Dow closes at 9,337 points.

4 August 1998
The Dow closes 299.43 points down at 8487.31 - then the index's third biggest one-day points loss.

31 August 1998
Another bad day for Wall Street. The 'bears' are rampant as the Dow Jones drops to 7,539 - down 512 points or more than 6%. The Dow has now lost 19.2% since its high in July.

17 March 1999
For the first time the index sails past the 10,000 points mark - but profit taking in the afternoon drives down share prices and the Dow closes at 9,931 points. The feat is repeated during the following two days, but the index always closes in the four-digit range.

29 March 1999
"Dow 10,000" - after a surge of 170 points the Dow Jones closes at 10,006.78 - for the first time above the 10,000 level.

03 May 1999
"Dow 11,000" - up 225 points to close at 11,014. It takes the Dow just over a month to reach this landmark, the fastest 1,000 points jump. Records tumbled during April, as the Dow steadily edged towards this new all-time high.

14 January 2000
The Dow peaks at 11,722.98 points.

7 March 2000
After a series of vicious sell-offs, the Dow plunges to the year's low of 9,796.03. In the following months, the index trades in a range of about 10,200 to 11,300 points.

16 March 2000
In days of high volatility, the Dow Jones posts its biggest single day points gain in history, gaining 499.19 points or just under 5% to close at 10630.60

14 April 2000
Biggest points loss in history, with the Dow shedding 617.78 points or 5.66% to close at 10305.77

14 March 2001
The Dow plunges below the 10,000 points level again, prompted by an economic slowdown in the United States, and hefty losses on global technology markets.

11 September 2001
The terrorist attacks on New York halt trading for an unprecedented four days, with the index stuck at 9,605.

21 September 2001
Fears over the attacks and the impact on the world economy send the Dow down to 8,236 - the lowest point reached in the aftermath of the 11 September.

5 December 2001
A steady rebound from the September lows and new hopes of economic recovery pull the index back over 10,000 for the first time since the attacks. But a wave of corporate scandals is already beginning to break.

23 July 2002
The scandals - including infamous energy giant Enron and telecoms firm WorldCom - shakes the confidence of investors to the core. The Dow falls back below its post-11 September lows to 7,702 points.

3 October 2006

The Dow Jones industrial average hit its highest level ever level and closes at 11,727 points. From its 2000 high to its 2002 low, the Dow fell 37.85%. The Nasdaq Composite Index, containing many volatile technology stocks, plunged 77.93%. To push the Dow to a new high, investors have had to overcome serious doubts about inflation and the sustainability of economic growth. The Dow's 61% gain from the closing low of 7286.27 on Oct. 9, 2002, remained below the 85% average total gain for bull markets since 1900.

The new record for the Dow means that losses have been recovered but it also means they have made virtually no progress in more than six years. Of the 30 stocks in the Dow average, only 10 have surpassed their levels of January 2000.

In general, the biggest fallers since then are the big winners from the late 1990s. Microsoft remained down 46% since Jan. 14, 2000. Intel was down 60% and General Motors, was down 59%. After allowing for inflation, the Dow was still 20% from its old record.

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