Dow Jones Industrial Average

Dow Jones Industrial Average
base data
Country	United States
Stock exchange	New York Stock Exchange , NASDAQ
ISIN	US2605661048
WKN	969420
symbol	DJIA
RIC	^ DJI
Bloomberg code	INDU <INDEX>
category	Stock index
Type	Price index
Parent company	Dow Jones & Company

The Dow Jones Industrial Average ( DJIA ) - also called the Dow Jones Index for short in Europe - is one of several stock indices created by the founders of the Wall Street Journal and the Dow Jones , Charles Dow (1851-1902) and Edward Jones (1856–1920), created in 1884.

Charles Dow compiled the index to measure the performance of the US stock market . After the Dow Jones Transportation Average, the Dow Jones Index on the New York Stock Exchange (NYSE) is the oldest existing stock index in the USA and is now made up of 30 of the largest US companies .

There is also what is known as the Dow Jones Industrial Average Total Return Index (DJITR). This is a performance index .

Versions

The Dow Jones Industrial Average (DJIA) is calculated in different versions, with the price index being almost exclusively taken into account in the media. The classic Dow Jones index therefore does not contain any dividend payments or subscription rights proceeds .

However, there is also the so-called Dow Jones Industrial Average Total Return Index (DJITR). In addition to the prices, the dividend payments are also included in the calculation of the index. It is therefore referred to as a performance index, i.e. a share index that, in addition to the increase in the value of the shares, also tracks the increase in capital through dividends (dividends are reinvested). The DJITR started on September 30, 1987 with a base value of 2,639.20 points.

Another index is the Dow Jones Industrial Average Net Total Return Index . This shows the rate plus the net cash dividend. The net cash dividend corresponds to the dividend less 30 percent withholding tax .

calculation

Dow Jones Industrial Average 1896-2021

Dow Jones Industrial Average 1896-2021 (logarithmic)

The Dow Jones Industrial Average is a price index and comprises 30 US companies on the New York Stock Exchange (NYSE). It is a purely price-weighted index, the level of which is determined exclusively from the share prices. It is calculated without dividends , subscription rights and special payments; market capitalization or the number of shares in free float are not taken into account. Stocks with a high price have a greater effect on the index than stocks with a low price.

The Dow Jones Index is calculated using the following formula:

${\displaystyle {\text{DJIA}}={\sum p \over d}}$

p - rates of the individual values
d - Dow divisor

Inclusion of companies in the index and exclusions from the index are not strictly regulated and are at the discretion of the Wall Street Journal editors . The calculation is updated every second during NYSE trading hours from 9:30 am to 4:00 pm local time (3:30 pm to 10:00 pm CET).

In 1896, when the index was launched, it represented the arithmetic mean of the prices of the 12 stocks it contained at that time, which was calculated by adding up the individual stock prices and then dividing by 12. The principle is still the same today, only the divisor is clearly different. Since measures on the index structure, such as replacement of Index participants and corporate actions such as stock splits , -zusammenlegungen alone must not lead to a change in the index is the Dow divisor adjusted in turn so that the index directly by the measures do not Undergoes change. The current divisor is published in the Wall Street Journal.

The formula for calculating a new divisor based on measures taken in index or share structures is:

${\displaystyle d_{\text{neu}}=d_{\text{alt}}\cdot {\frac {\sum \nolimits C_{\text{neu}}}{\sum \nolimits C_{\text{alt}}}}}$

d _new - Divisor that applies after the measures have been implemented
d _old - Divisor before the measures
C _old - Closing prices of the components for the trading day before the measures are implemented
C _new - Closing prices of the components for the same trading day, but with the measures implemented

From October 1, 1928, the sum of the share prices of the 30 participating companies was initially divided by the value 16.67. In 1986 the divisor fell below 1 for the first time. Since June 26, 2018, its value has been 0.14748071991788. This adjustment was made when the General Electric stock was replaced by the Walgreens Boots Alliance stock in the index. A price movement of the 30 stocks by a total of 1 US dollar corresponds to an index movement of 6.7805 points (1 ÷ 0.14748071991788). The previous divisor adjustment, dated September 1, 2017, became necessary when DuPont, a company already included in the index, merged with Dow Chemical to form DuPont de Nemours , whose closing price was calculated using the fixed share exchange ratio of 1.282 new shares for one old DuPont share .

Expressiveness

The actual informative value of the Dow Jones Index - despite its popularity - is often criticized. The opening prices of the underlying stocks ( constituents ) of a day are not all available for the first index value as their trading starts at different times. Therefore, the closing price of the previous day must be used for the index opening value, which makes meaningful jumps difficult. In addition, the index is price-weighted, which leads to an overemphasis on stocks with a numerically high value.

Finally, it is a price index in which the dividends paid, which are cut off from the prices (dividend discount), are not included, as is the case with performance indices (for example the DAX ). As a result, the Dow Jones is not suitable for a long-term assessment of performance, but unlike the DAX it is suitable for a long-term view of the price development of the stocks included. Despite this criticism, the Dow Jones index is the most important stock index. Regardless of the calculation, it influences stock exchanges around the world.

Another difference to the DAX is that the composition of the Dow Jones is not based primarily on quantitative criteria such as the market value . For example, the most valuable company in the USA, Apple, with a value of 416 billion US dollars in the first quarter of 2013, has only been listed in the index since March 2015. Many, mostly young companies in the information technology sector such as Google Inc. with a market capitalization of 212 billion US dollars are still missing. In contrast, some companies whose market value is well below the 30 largest in the United States are in the Dow Jones. Rather, the composition is also based on history, so that mostly relatively old, traditional companies that have been able to assert themselves in the market for decades are part of the index. Since their prices are subject to lower fluctuations, the volatility of the Dow Jones is also significantly below that of other indices such as the DAX or the EuroStoxx 50.

history

19th century

In order to obtain a benchmark for assessing share price fluctuations, Charles Dow developed the US share index "Dow Jones Railroad Average", the predecessor of today's Dow Jones index. It was first published on July 3, 1884 in the “Customers' Afternoon Letter” and initially consisted of eleven values, including nine railway companies, a steamship company and a money transfer company.

The first Dow Jones Railroad Average on July 3, 1884

Surname	Branch
Chicago, Milwaukee and St. Paul Railway	Railway company
Chicago and North Western Railway	Railway company
Delaware, Lackawanna and Western Railroad	Railway company
Lake Shore and Michigan Southern Railway	Railway company
Louisville and Nashville Railroad	Railway company
Missouri Pacific Railway	Railway company
New York Central Railroad	Railway company
Northern Pacific Railroad	Railway company
Pacific Mail Steamship Company	Steamship company
Union Pacific Railway	Railway company
Western Union	Money transfer company

Railway companies were among the largest companies in the United States at the time. Industrial companies were seen as more speculative. On February 16, 1885, Charles Dow expanded the index to 14 companies. Eleven months later, on January 2, 1886, it was reduced to twelve values. On April 9, 1894, the composition of the Dow Jones Average was changed again. The number of companies remained at twelve.

At the end of the 19th century, the US economy prospered and large industrial companies emerged through numerous takeovers. The need for information about these societies grew steadily. Therefore, Charles Dow created the Dow Jones Industrial Average , also known as the Dow Jones Index, for this area . It was first published in the Wall Street Journal on May 26, 1896, and consisted of twelve stocks. Of these twelve stocks, only General Electric was last in the index until June 25, 2018 .

The first Dow Jones Industrial Average on May 26, 1896

Surname	annotation
American Cotton Oil Company	Predecessor of Bestfoods , today part of Unilever
American Sugar Company	today Amstar Holdings
American Tobacco Company	existed until 1911
Chicago Gas Company	later Peoples Energy Corporation
Distilling & Cattle Feeding Company	now Millennium Chemicals
General Electric	until June 25, 2018 in the index
Laclede Gas Light Company	is now called The Laclede Group
National Lead Company	is now called NL Industries
North American Company	existed until 1946
Tennessee Coal, Iron and Railroad Company	was bought by US Steel in 1907
US Leather Company	Disbanded in 1952
US Rubber Company	was bought by Michelin in 1990

Charles Dow added up the prices of the twelve stocks and then divided the total by twelve, thus forming the arithmetic mean . The initial listing on the Dow Jones Index was 40.94 points. The index marked its all-time low only two and a half months later when it fell to 28.48 points on August 8, 1896. In the fall of 1896, the original Dow Jones Average was adjusted to the industrial companies and renamed the "Dow Jones Railroad Average" (DJRA, since 1970 Dow Jones Transportation Average ). The DJRA started on September 8, 1896 at 48.55 points. The Dow Jones Index was later calculated back on the basis of the Dow Jones Average up to 1885 (daily prices) and on the basis of various stock indices up to 1789 (monthly prices).

20th century

Dow Jones Index from January 1904 to July 1909

Stock market crash in 1929

Stock market crash in 1987

In 1907 Wall Street experienced a serious banking crisis. On March 14, 1907, the Dow Jones index lost 8.29 percent when the shares of the Union Pacific Railroad , largely used as collateral for funding bills, fell 50 points. On October 21, 1907, the National Bank of Commerce refused to redeem bills of exchange from the Knickerbocker Trust Company , then the third largest bank in New York. A day later, a mass rush on the Knickerbocker Trust Company sparked a general panic on Wall Street. The banks demanded their loans back, the share prices on the stock exchange collapsed. At the end of 1907, the Dow Jones Index was 37.73 percent lower than at the beginning of the year.

Because of the First World War , the stock exchange was closed for four and a half months in 1914. When the New York Stock Exchange reopened on December 12, 1914, the Dow Jones index closed at 74.56 points, 4.4 percent above the closing level of 71.42 points on July 30 of that year. In some publications, December 12, 1914 is rated by 24.39 percent as the day with the largest percentage decline in history. In reality it was a change in the composition of the index, not an actual decrease. On October 4, 1916, the Wall Street Journal published a Dow Jones index with 20 stocks for the first time. This was calculated back to a closing level of 54.62 points by December 12, 1914 and on that day was 26.7 percent below the closing level for the index with twelve stock values.

On October 1, 1928, the number of stock values ​​was increased to 30, and the calculation was from then on using a certain divisor, which also takes stock splits into account. The index level was in line with the previous index, which consisted of 20 stocks. An adjustment was therefore not necessary.

The most momentous stock market crash experienced the world on October 24, 1929. This day is known as "Black Thursday" ( " Black Thursday ") known. In Europe, the day is known as " Black Friday " because of the time difference, as it was already after midnight here. This stock market crash is considered to be the trigger for the global economic crisis . The actual fall in prices dragged on for days, and the subsequent bear market did not reach its lowest point until July 8, 1932. On that day, the Dow Jones Index was at 41.22 points, 89.19 percent below its high on September 3, 1929 at 381.17 points. It wasn't until 25 years later, on November 23, 1954, that the index closed again at 382.74 points, above the 1929 record.

The largest increase in one day, the index achieved on March 15, 1933 with 15.34 percent. It was the first trading day on the New York Stock Exchange since 3 March 1933. Reason for stop trading were several bank holidays (National Banking Holidays), because of the inauguration of Franklin D. Roosevelt as the 32nd US president has been adopted.

On February 9, 1966, the Dow Jones index exceeded the 1,000-point mark for the first time with 1,001.11 points, but ended the trading day at 995.15 points. On November 14, 1972 it closed with 1,003.16 points for the first time above this limit. By January 11, 1973, the Dow Jones rose to a closing level of 1,051.70 points. During the 1973 oil crisis and the 1974 global recession , the index fell by 45.1 percent to 577.60 points by December 6, 1974.

The biggest fall in one day so far was Black Monday on October 19, 1987, when the value of the Dow Jones Index temporarily fell by 25.3 percent or 569.18 points during trading. At the end of the day, the index recovered somewhat. It ended the trade with a minus of 22.6 percent at 1,738.74 points. The stock market crash quickly spread to all major international trading venues. By the end of October, stock exchange prices in Hong Kong had fallen by 44.1 percent, in Australia by 42.4 percent, in Great Britain by 26.0 percent, in Germany by 21.8 percent and in Japan by 12.5 percent. 15 months after “Black Monday”, on January 24, 1989, the Dow Jones closed again at 2,256.43 points, above its level before the stock market crash.

On October 19, 1988, the United States Securities and Exchange Commission (SEC) passed the regulation on the suspension of trading in the event of exceptional volatility, "Rule 80B" (Trading Halts due to extraordinary Market Volatility). An amended version came into force on April 15, 1998.

The index rose rapidly in the 1990s. On November 21, 1995, it exceeded 5,000 points and on March 29, 1999, the value of 10,000 points. On January 14, 2000, the Dow Jones marked 11,722.98 points, an all-time high for more than half a decade.

21st century

Monthly trading volume of the DJIA in stocks 1929–2012

Dow Jones Index from July 2001 to January 2002

Dow Jones Index from February 2007 to March 2009

Due to the terrorist attacks in New York , the New York Stock Exchange was closed for four trading days between September 11 and 14, 2001, as the entire financial district was evacuated. As a result of the attacks, almost all companies, dealers and banks in Manhattan lost employees or business friends. After reopening on Monday, September 17, 2001, the Dow Jones index plunged 7.13 percent.

After the speculative bubble burst in the technology sector ( dot-com bubble ), the share index fell to a low of 7,286.27 points by October 9, 2002. That was a decrease of 37.9 percent from the high on January 14, 2000. The downward slide ended on October 9, 2002. From autumn 2002 the Dow Jones began to rise again. On December 11, 2003, he again achieved a value of over 10,000 points (10,008.16). On July 19, 2007, the Dow Jones Index closed at 14,000.41 points for the first time in history above the 14,000 point mark. The share index set a new record on October 9, 2007 with 14,164.53 points.

In the course of the international financial crisis , which had its origin in the US real estate crisis in the summer of 2007, the Dow Jones began to decline again. From autumn 2008 the crisis had an increasing impact on the real economy. As a result, share prices collapsed worldwide. On October 6, 2008, the Dow Jones closed at 9,955.50 points for the first time since October 26, 2004, below the 10,000 point mark. In the course of the crisis, the volatility of the index increased. On October 13, 2008, with a plus of 11.08 percent, it achieved the largest daily percentage gain since September 21, 1932. Two days later, on October 15, 2008, the index marked the largest daily percentage loss with a minus of 7.87 percent since October 26, 1987. The Dow Jones fell to its lowest level since April 14, 1997 on March 9, 2009 when it closed trading at 6,547.05 points. Since the all-time high of October 9, 2007, this corresponds to a decline of 53.8 percent. The trading volume of all companies listed in the Dow Jones Index reached an all-time high in March 2009 with 10.56 billion shares.

March 9, 2009 marks the turning point of the downward slide. From spring 2009 the DJIA was on the way up again. On October 14, 2009, it ended trading with 10,015.86 points for the first time since October 3, 2008, again above the 10,000 point mark.

On May 6, 2010, panic selling during trading led to the most massive downturn in the Dow Jones' index in its history, measured in terms of points. At 2:30 p.m. local time (8:30 p.m. CEST), the index fell within 15 minutes to 9,869.62 points, a loss of 998.50 points or 9.19 percent. Prices recovered within minutes. The Dow Jones closed at 10,520.32 points, down 3.20 percent. On September 30, 2010, the Commodity Futures Trading Commission and the United States Securities and Exchange Commission came to the conclusion in a joint report that the so-called Flash Crash had led to a liquidity crisis when a single trader in the context of hedging transactions E 75,000 -Sold mini-contracts worth $ 4.1 billion computer-controlled only depending on the current trading volume.

On April 29, 2011, the DJIA rose to a closing level of 12,810.54 points. As of March 9, 2009, the profit has been 95.7 percent. The weakening of the global economy and the worsening of the euro crisis led to a slump in the US benchmark index. On October 3, 2011, the Dow Jones ended trading at 10,655.30 points. The loss since the peak on April 29, 2011 is 16.8 percent.

The announcement of new bond purchase programs by the European Central Bank and the US Federal Reserve , which are basically unlimited, led to a recovery in prices on the stock market. The monetary stimulus played a bigger role in the price formation than the global economic slowdown and the state of the companies. On September 14, 2012, the index closed at 13,593.37 points, 27.6 percent higher than on October 3, 2011. The trading volume of all companies listed in the Dow Jones index fell to 2.27 billion shares in August 2012 and the lowest level since March 1997. The decline in trading volume since its all-time high in March 2009 was 78.5 percent. The prices continued to rise in the course of the following years, interrupted only by minor setbacks. On February 12, 2020, the Dow Jones reached its all-time high of 29,551.42 points on a closing price basis.

After several days of sideways movement from there, triggered by the COVID-19 pandemic and the fear of its economic consequences, there was one of the strongest slumps in the history of the index Percent led.

Suspension of trading

DJIA volatility 1928-2010

In the event of exceptional volatility in the Dow Jones index, the United States Securities and Exchange Commission (SEC) decided to close the New York Stock Exchange (NYSE) for half an hour and after the index fell by over 350 points from more than 550 points to close for one hour. The regulation for the suspension of trading "Rule 80B" (Trading Halts due to extraordinary Market Volatility) came into force on October 19, 1988.

On October 27, 1997, trading on the stock exchange was interrupted for the first time in history after prices fell by 554.26 points. On April 15, 1998, a modified version of "Rule 80B" came into force.

According to this rule, trading was suspended for one hour if the Dow Jones Index fell by more than ten percent compared to the previous day's closing price by 2:00 p.m. local time (8:00 p.m. CET). If the index fell by ten percent between 2:00 p.m. and 2:30 p.m., the exchange closed for half an hour. If the courses fell by ten percent after 2:30 p.m., there was no interruption. Trading was also suspended for two hours if losses were more than 20 percent by 1:00 p.m. If the Dow Jones Index fell by 20 percent between 1:00 p.m. and 2:00 p.m., trading was suspended for an hour. If prices fell 20 percent after 2:00 p.m., the stock market would close for the rest of the day.

If losses fell more than 30 percent, the exchange would be closed completely for that day, regardless of what time the losses were reached. The procedure on NASDAQ was coordinated with "Rule 80B" on NYSE Euronext .

Since 2011, the broader, more modern S&P 500 has been consulted for the suspension of trading and the Dow Jones no longer has any influence on the closings of the exchanges.

performance

The Dow Jones Index 1930-2008 with trend lines (connecting lines between highs and lows)

The DJIA since January 3, 2000 (logarithmic version)

The Dow Jones Index was calculated back to 1885 (daily rates) and to 1789 (monthly rates). The time series was created by chaining various stock indices with the Dow Jones.

• Independent financial market analysis before July 1831
• Cleveland Trust Company Index from July 1831 to February 1854
• Clement-Burgess Index from March 1854 to July 1871
• Cowles Index of Industrial Stocks from August 1871 to July 1897 and
• Dow Jones Industrial Average as of August 1897

The Dow Jones index performed differently in the 19th and 20th centuries. Between January 1, 1801 and December 31, 1900, the index grew by 820.1 percent (average annual return: 2.2 percent) and between January 1, 1901 and December 31, 2000 by 20,726 percent (average annual return: 5 , 5 percent). The performance in the first half of the 20th century, at 3.1 percent per year, was hardly higher than in the entire 19th century. The reasons are the effects of the Great Depression and the Second World War , which led to a twenty-year bear market (1929–1949). In the second half of the 20th century, the average annual return of 8.0 percent was well above the performance from 1801 to 1950.

The stagnation of the Dow Jones in the 1970s and the rapid development in the 1980s and 1990s can be recognized by its doubling rate. It took more than 14 years for the index to double from 1,000 points in 1972 to 2,000 points in 1987. The doubling from 2,000 to 4,000 points in 1995 took eight years. It took the Dow Jones two and a half years to double from 4,000 to 8,000 points in 1997.

At the beginning of the 21st century, the stock index slowed down again. Between January 1, 2001 and December 31, 2012, it gained 21.5 percent in value (average annual return: 1.6 percent). Overall, based on the back calculation from December 31, 1789 to December 31, 2012, the Dow Jones Industrial Average rose by 474,688 percent (average annual return: 3.9 percent).

The classic Dow Jones Industrial Average is a price index in which the dividends paid, which are discounted from the prices (dividend discount), are not included, as is the case with the DAX performance index . As a result, the DJIA is not suitable for a long-term assessment of performance, but unlike the DAX it is suitable for a long-term view of the price development of the stocks included. A comparison of the performance with the German DAX share index is therefore only possible using the performance of the Dow Jones Industrial Average Total Return Index (DJITR). Both indices started in 1987. The annual performance of the US index has since been better than that of the DAX.

The DJITR rose by 1,177.5 percent between December 31, 1987 (1,956.03 points) and December 31, 2012 (24,987.40 points). The average annual return is 10.7 percent. In the same period, the DAX rose from 1,000.00 points to 7,612.39 points (661.2 percent). The average annual return is 8.5 percent.

statistics

Highs

The overview shows the all-time highs of the Dow Jones as a price index (without dividends) and as a performance index (with dividends).

index	Points	date
Price index in the course of trading	27,398.68	16th July 2019
Price index on a closing price basis	27,359.16	15th July 2019
Performance index in the course of trading	38,927.88	15th August 2016
Performance index based on closing price	38,860.55	15th August 2016

Milestones

On January 12, 1906, the Dow Jones rose to a closing level of 100.25 points for the first time above the 100 point mark. On the basis of the index calculated back to 1885, the limit of 100 points was exceeded for the first time on September 22, 1916 with a final score of 100.77 points. Further milestones in the development of the Dow Jones were overcoming the 1,000-point mark in 1972 and the 10,000-point mark in 1999. In November 2020, the Dow rose above 30,000 points for the first time.

The table shows the milestones of the Dow Jones Index calculated back to 1885.

First close over	Closing score in points	date
50	50.47	March 13, 1899
100	100.77	September 22, 1916
500	500.24	March 12, 1956
1,000	1,003.16	November 14, 1972
1,500	1,511.70	December 11, 1985
2,000	2,002.25	January 8, 1987
2,500	2,510.04	17th July 1987
3,000	3,004.46	April 17, 1991
3,500	3,500.03	May 19, 1993
4,000	4,003.33	February 23, 1995
4,500	4,510.69	June 16, 1995
5,000	5,022.55	November 21, 1995
6,000	6,010.00	October 14, 1996
7,000	7,022.44	February 13, 1997
8,000	8,038.88	July 16, 1997
9,000	9,033.23	April 6, 1998
10,000	10,006.79	March 29, 1999
11,000	11,014.69	May 3, 1999
12,000	12,011.73	October 19, 2006
13,000	13,089.89	April 25, 2007
14,000	14,000.41	July 19, 2007

First close over	Closing score in points	date
15,000	15,056.20	May 7, 2013
16,000	16,009.99	November 21st 2013
17,000	17,068.26	3rd July 2014
18,000	18,024.17	December 23, 2014
19,000	19,043.19	22nd November 2016
20,000	20,082.00	January 25, 2017
21,000	21,113.67	March 1, 2017
22,000	22,016.24	2nd August 2017
23,000	23,157.60	October 18, 2017
24,000	24,272.35	November 30, 2017
25,000	25,075.13	4th January 2018
26,000	26,115.65	17th January 2018
27,000	27,088.08	11th July 2019
28,000	28,004.89	15th November 2019
29,000	29,030.22	January 15, 2020
30,000	30,218.26	4th December 2020
31,000	31,041.13	January 7, 2021
32,000	32,297.02	March 10, 2021
33,000	33,072.88	March 26, 2021
34,000	34,035.99	April 15, 2021

The best days

The largest percentage increase in a day occurred on March 15, 1933, when the Dow Jones Industrial Average rose 15.34 percent. Note that it was the first day of trading on the New York Stock Exchange since March 3, 1933. Reason for the trading halt had several bank holidays (National Banking Holidays), because of the inauguration of Franklin D. Roosevelt as the 32nd  President of the United States has been adopted.

The table shows the best days of the Dow Jones Index, which was calculated back to 1885.

rank	date	Closing score in points	Change in points	Change in%
1	March 15, 1933	62.10	8.26	15.34
2	Oct 6, 1931	99.34	12.86	14.87
3	Oct 30, 1929	258.47	28.40	12.34
4th	March 24, 2020	20,704.91	2,112.98	11.37
5	Sep 21 1932	75.16	7.67	11.36
6th	Oct 13, 2008	9,387.61	936.42	11.08
7th	Oct 28, 2008	9,065.12	889.35	10.88
8th	Oct 21, 1987	2,027.85	186.84	10.15
9	Aug 3, 1932	58.22	5.06	9.52
10	Feb 11, 1932	78.60	6.80	9.47
11	March 13, 2020	23,185.62	1,985	9.36
12th	Nov 14, 1929	217.28	18.59	9.36
13th	Dec 18, 1931	80.69	6.90	9.35
14th	Feb 13, 1932	85.82	7.22	9.19
15th	May 6, 1932	59.01	4.91	9.08
16	April 19, 1933	68.31	5.66	9.03
17th	Oct 8, 1931	105.79	8.47	8.70
18th	June 10, 1932	48.94	3.62	7.99
19th	Sep 5 1939	148.12	10.03	7.26
20th	June 3, 1931	130.37	8.67	7.12
21	Jan. 6, 1932	76.31	5.07	7.12
22nd	March 23, 2009	7,775.86	497.48	6.84
23	Oct 14, 1932	63.84	4.08	6.83
24	March 15, 1907	59.58	3.74	6.70
25th	Nov 13, 2008	8,835.25	552.59	6.67
26	July 27, 1893	27.00	1.68	6.64
27	June 20, 1931	138.96	8.65	6.64
28	July 24, 1933	94.28	5.86	6.63
29	Nov 21, 2008	8,046.42	494.13	6.54
30th	Aug 2, 1893	28.48	1.74	6.51
31	June 19, 1933	95.99	5.76	6.38
32	May 10, 1901	52.50	3.14	6.36
33	July 24, 2002	8,191.29	488.95	6.35
34	Aug 6, 1932	66.56	3.96	6.33
35	Nov 10, 1932	65.54	3.87	6.28
36	Jan. 13, 1932	84.36	4.97	6.26
37	Apr 29, 1933	77.66	4.56	6.24
38	Oct 20, 1937	134.56	7.71	6.08
39	23 Sep 1931	115.99	6.59	6.02
40	Oct. 20, 1987	1,841.01	102.27	5.88
41	Oct. 31, 1929	273.51	15.04	5.82
42	April 20, 1933	72.27	3.96	5.80
43	March 10, 2009	6,926.49	379.44	5.80
44	Oct 25, 1937	134.43	7.28	5.73
45	May 2, 1898	35.60	1.90	5.65
46	Nov 4, 1932	61.53	3.25	5.58
47	March 28, 1898	33.21	1.75	5.56
48	22 Aug 1932	70.87	4.03	5.49
49	December 22, 1916	95.09	4.93	5.47
50	Oct 11, 1932	61.66	3.19	5.46

The worst days

The largest one-day percentage decline occurred on October 19, 1987, when the Dow Jones Industrial Average fell 22.61 percent. In some publications, December 12, 1914 is described as the worst trading day in history with 24.39 percent. In reality it was a recalculation due to a change in the composition of the index and not an actual decrease. On September 17, 2001, when the Dow Jones Index fell by 7.13 percent, trading on the stock exchange was not possible for several days because of the terrorist attacks on September 11, 2001 .

The table shows the worst days of the Dow Jones Index calculated back to 1885.

rank	date	Closing score in points	Change in points	Change in%
1	Oct 19, 1987	1,738.74	−508.00	−22.61
2	March 16, 2020	20,188.52	−2,997.10	−12.93
3	Oct 28, 1929	260.64	−38.33	−12.82
4th	Oct. 29, 1929	230.07	−30.57	−11.73
5	March 12, 2020	21,200.62	−2,352.60	−9.99
6th	Nov 6, 1929	232.13	−25.55	−9.92
7th	Dec 18, 1899	42.69	−4.08	−8.72
8th	Dec 20, 1895	29.42	−2.74	−8.52
9	Aug 12, 1932	63.11	−5.79	−8.40
10	March 14, 1907	55.84	−5.05	−8.29
11	Oct 26, 1987	1,793.93	−156.83	−8.04
12th	Oct 15, 2008	8,577.91	−733.08	−7.87
13th	July 21, 1933	88.71	−7.55	−7.84
14th	March 9, 2020	23,851.02	−2,013.76	−7.79
15th	Oct 18, 1937	125.73	−10.57	−7.75
16	Dec 1, 2008	8,149.09	−679.95	−7.70
17th	July 26, 1893	25.32	−2.02	−7.39
18th	Oct 9, 2008	8,579.19	-678.91	−7.33
19th	Feb. 1, 1917	88.52	−6.91	−7.24
29	Oct 27, 1997	7,161.15	−554.26	−7.18
21	Oct 5, 1932	66.07	−5.09	−7.15
22nd	17 Sep 2001	8,920.70	−684.81	−7.13
23	Sep 24 1931	107.79	−8.20	−7.07
24	July 20, 1933	96.26	−7.32	−7.07
25th	29 Sep 2008	10,365.45	−777.68	−6.98
26	Oct 13, 1989	2,569.26	−190.58	−6.91
27	July 30, 1914	52.32	−3.88	−6.90
28	Jan. 8, 1988	1,911.31	−140.58	−6.85
29	Nov 11, 1929	220.39	−16.14	−6.82
30th	May 14, 1940	128.27	−9.36	−6.80
31	Oct. 5, 1931	86.48	−6.29	−6.78
32	May 21, 1940	114.13	−8.30	−6.78
33	July 26, 1934	85.51	−6.06	−6.62
34	26 Sep 1955	455.56	−31.89	−6.54
35	Aug 31, 1998	7,539.07	−512.61	−6.37
36	Oct 23, 1929	305.85	−20.66	−6.33
37	May 31, 1932	44.74	−2.96	−6.21
38	Sep 21 1933	97.56	−6.43	−6.18
39	Dec 14, 1904	48.18	−3.11	−6.06
40	May 9, 1901	49.36	−3.18	−6.05
41	December 12, 1929	243.14	−15.30	−5.92
42	March 11, 2020	23,553.22	−1,464.94	−5.86
43	Nov 19, 1937	118.13	−7.35	−5.86
44	Nov 23, 1932	59.47	−3.69	−5.84
45	June 16, 1930	230.05	−14.20	−5.81
46	Nov 4, 1929	257.68	−15.83	−5.79
47	May 28, 1962	576.93	−34.95	−5.71
48	Oct 22, 2008	8,519.21	−514.45	−5.69
49	Sep 14 1932	65.88	−3.97	−5.68
50	Apr 14, 2000	10,305.77	-617.78	−5.66

The best weeks

The best week in the history of the Dow Jones Index ended on August 6, 1932 with a gain of 22.67 percent, followed by the week of June 25, 1938 with an increase of 16.52 percent and the week of March 13, 1938. February 1932 with a profit of 15.27 percent.

The table shows the best weeks of the Dow Jones Index calculated back to 1885. The date refers to the last trading day of the week.

rank	week	Closing score in points	Change in points	Change in%
1	Aug 6, 1932	66.56	12.30	22.67
2	June 25, 1938	131.94	18.71	16.52
3	Feb 13, 1932	85.82	11.37	15.27
4th	Apr 22, 1933	72.24	9.36	14.89
5	Oct 10, 1931	105.61	12.84	13.84
6th	July 30, 1932	54.26	6.42	13.42
7th	June 27, 1931	156.93	17.97	12.93
8th	Sep 24 1932	74.83	8.39	12.63
9	Oct 11, 1974	658.17	73.61	12.59
10	Aug 27, 1932	75.61	8.43	12.55
11	March 18, 1933	60.56	6.72	12.48
12th	Aug 15, 1903	38.80	4.09	11.78
13th	May 27, 1933	89.61	9.40	11.72
14th	Nov 10, 1900	48.70	4.89	11.17
15th	Aug 20, 1982	869.29	81.24	10.31
16	December 7, 1929	263.46	24.51	10.26
17th	Oct 28, 1933	92.01	8.37	10.01
18th	Nov 28, 2008	8,829.04	782.62	9.73
19th	Dec 10, 1932	61.25	5.42	9.71
20th	Nov 7, 1931	115.60	10.17	9.65
21	May 7, 1898	36.92	3.22	9.55
22nd	Aug 5, 1993	28.69	2.48	9.46
23	Sep 9 1939	150.91	12.82	9.28
24	Dec 30, 1899	48.41	4.04	9.11
25th	Nov 12, 1932	68.04	5.63	9.02
26	March 13, 2009	7,223.98	597.04	9.01
27	July 16, 1932	45.29	3.66	8.79
28	Oct 8, 1982	986.85	79.11	8.72
29	March 21, 2003	8,521.97	662.26	8.43
30th	June 9, 1934	98.90	7.49	8.19

The worst weeks

The worst week in the history of the Dow Jones Index ended on October 10, 2008 with a loss of 18.15 percent, followed by the week of July 22, 1933 with a minus of 16.66 percent and the week of December 18, 1933. May 1940 with a loss of 15.48 percent.

The table shows the worst weeks of the Dow Jones Index calculated back to 1885. The date refers to the last trading day of the week.

rank	week	Closing score in points	Change in points	Change in%
1	Oct 10, 2008	8,451.19	−1,874.19	−18.15
2	July 22, 1933	88.42	−17.68	−16.66
3	May 18, 1940	122.43	−22.42	−15.48
4th	Oct 8, 1932	61.17	−10.92	−15.15
5	Dec 21, 1895	28.29	−4.91	−14.79
6th	Sep 21 2001	8,235.81	−1,369.70	−14.26
7th	Oct 3, 1931	92.77	−14.59	−13.59
8th	Nov 8, 1929	236.53	−36.98	−13.52
9	17 Sep 1932	66.44	−10.10	−13.20
10	Oct 23, 1987	1,950.76	−295.98	−13.17
11	Oct 21, 1933	83.64	−11.95	−12.50
12th	Dec 12, 1931	78.93	−11.21	−12.44
13th	Feb 28, 2020	24,409.36	−3,583.05	−12.36
14th	May 8, 1915	62.77	−8.74	−12.22
15th	June 21, 1930	215.30	−28.95	−11.85
16	Dec 8, 1928	257.33	−33.47	−11.51
17th	March 26, 1938	106.63	−13.80	−11.46
18th	March 13, 2020	23,185.62	−2,679.16	−10.40
19th	July 30, 1914	52.32	−6.04	−10.36
20th	Aug 8, 1896	24.36	−2.73	−10.08
21	May 28, 1932	47.70	−5.34	−10.07
22nd	19 Sep 1931	111.74	−12.11	−9.78
23	May 14, 1932	52.48	−5.56	−9.58
24	Apr 9, 1932	64.48	−6.82	−9.57
25th	July 18, 1896	27.24	−2.87	−9.53
26	Oct 16, 1987	2,246.73	−235.48	−9.49
27	Nov 20, 1937	120.45	−12.60	−9.47
28	July 25, 1903	35.95	−3.68	−9.29
29	Oct 11, 1930	193.05	−18.05	−8.55
30th	Oct. 31, 1929	273.51	−25.46	−8.52

The best months

The best month in the history of the Dow Jones Index was April 1933 with a gain of 40.18 percent, followed by August 1932 with an increase of 34.83 percent and July 1932 with a gain of 26.66 percent.

The table shows the best months of the Dow Jones Index, which was calculated back to 1789.

rank	month	Closing score in points	Change in points	Change in%
1	Apr. 1933	77.66	22.26	40.18
2	Aug 1932	73.16	18.90	34.83
3	July 1932	54.26	11.42	26.66
4th	Dec 1857	11.92	2.47	26.14
5	June 1938	133.88	26.14	24.26
6th	July 1837	13.83	2.61	23.26
7th	May 1843	7.83	1.31	20.09
8th	Nov. 1857	9.45	1.46	18.27
9	Apr. 1915	71.78	10.95	18.00
10	May 1842	7.04	1.04	17.33
11	June 1931	150.18	21.72	16.91
12th	Nov. 1928	293.38	41.22	16.35
13th	Dec 1843	11.22	1.57	16.27
14th	Jan. 1837	16.96	2.35	16.08
15th	Jan. 1863	20.71	2.81	15.70
16	Jan. 1861	12.27	1.62	15.21
17th	Sep 1824	14.38	1.89	15.13
18th	Apr. 1834	15.91	2.08	15.04
19th	May 1898	38.50	4.92	14.65
20th	Aug 1897	40.01	5.06	14.48
21	Jan. 1976	975.28	122.87	14.41
22nd	Nov. 1904	52.58	6.56	14.25
23	Jan. 1975	703.69	87.45	14.19
24	Oct. 1840	10.70	1.31	13.95
25th	May 1835	23.48	2.87	13.93
26	Jan. 1987	2,158.04	262.09	13.82
27	Feb. 1836	21.65	2.60	13.65
28	May 1919	105.50	12.62	13.59
29	Sep 1939	152.54	18.13	13.49
30th	May 1933	88.11	10.45	13.46

The worst months

The worst month in the history of the Dow Jones Index was September 1931 with a loss of 30.70 percent, followed by March 1938 with a loss of 23.67 percent and April 1932 with a loss of 23.43 percent.

The table shows the worst months of the Dow Jones Index, which was calculated back to 1789.

rank	month	Closing score in points	Change in points	Change in%
1	Sep 1931	96.61	−42.80	−30.70
2	March 1938	98.95	−30.69	−23.67
3	Apr. 1932	56.11	−17.17	−23.43
4th	Oct 1987	1,993.53	−602.75	−23.22
5	May 1940	116.22	−32.21	−21.70
6th	Oct. 1857	7.99	−2.08	−20.66
7th	Oct. 1929	273.51	-69.94	−20.36
8th	May 1932	44.74	−11.37	−20.26
9	July 1893	26.07	−5.89	−18.43
10	June 1930	226.34	−48.73	−17.72
11	Sep 1857	10.07	−2.16	−17.66
12th	Dec 1931	77.90	−15.97	−17.01
13th	Jan. 1842	6.78	−1.31	−16.19
14th	Feb. 1933	51.39	−9.51	−15.62
15th	Aug 1998	7,539.07	−1,344.22	−15.13
16	May 1931	128.46	−22.73	−15.03
17th	Oct 1907	42.12	−7.32	−14.81
18th	Sep 1930	204.90	−35.52	−14.77
19th	June 1877	22.08	−3.75	−14.52
20th	Nov 1860	11.29	−1.87	−14.21
21	July 1903	37.06	−6.07	−14.07
22nd	Nov 1973	822.25	−134.33	−14.04
23	Oct 2008	9,336.93	−1,513.73	−13.95
24	Sep 1903	33.44	−5.39	−13.88
25th	March 1841	8.09	−1.30	−13.84
26	Oct. 1932	61.90	−9.66	−13.50
27	Nov. 1919	103.60	−15.32	−12.88
28	Sep 1937	154.57	−22.84	−12.87
29	Nov. 1929	238.95	−34.56	−12.64
30th	Dec 1899	48.24	−6.92	−12.55

Annual development

The best year in the history of the Dow Jones Index was 1915 with a gain of 81.66 percent, followed by 1843 with an increase of 72.09 percent and 1814 with a gain of 68.58 percent. The worst year was 1931 with a loss of 52.67 percent, followed by 1807 with a loss of 46.35 percent and 1801 with a loss of 38.37 percent.

In some publications, 1914 is described as one of the worst years in history, down 30.72 percent. In reality it was a recalculation due to a change in the composition of the index. The Dow Jones Industrial Average closed that year with a decline of 5.09 percent compared to 1913.

The table shows the annual development of the Dow Jones Index calculated back to 1789.

year	Closing score in points	Change in points	Change in%
1789	2.76
1790	3.39	0.63	22.83
1791	3.66	0.27	7.96
1792	3.20	−0.46	−12.57
1793	3.54	0.34	10.63
1794	4.35	0.81	22.88
1795	4.11	−0.24	−5.52
1796	3.55	−0.56	−13.63
1797	3.25	−0.30	−8.45
1798	3.99	0.74	22.77
1799	4.63	0.64	16.04
1800	5.63	1.00	21.60
1801	3.47	−2.16	−38.37
1802	3.89	0.42	12.10
1803	4.22	0.33	8.48
1804	6.26	2.04	48.34
1805	6.38	0.12	1.92
1806	6.71	0.33	5.17
1807	3.60	−3.11	−46.35
1808	5.55	1.95	54.17
1809	6.69	1.14	20.54
1810	5.61	−1.08	−16.14
1811	5.31	−0.30	−5.35
1812	4.59	−0.72	−13.56
1813	5.06	0.47	10.24
1814	8.53	3.47	68.58
1815	8.83	0.30	3.52
1816	8.68	−0.15	−1.70
1817	10.13	1.45	16.71
1818	11.03	0.90	8.88
1819	9.92	−1.11	−10.06
1820	11.35	1.43	14.42
1821	12.02	0.67	5.90
1822	11.60	−0.42	−3.49
1823	12.25	0.65	5.60
1824	13.04	0.79	6.45
1825	11.51	−1.53	−11.73
1826	11.37	−0.14	−1.22
1827	11.71	0.34	2.99
1828	11.07	−0.64	−5.47
1829	11.87	0.80	7.23
1830	13.76	1.89	15.92
1831	12.00	−1.76	−12.79
1832	15.91	3.91	32.58
1833	15.13	−0.78	−4.90
1834	17.74	2.61	17.25
1835	18.78	1.04	5.86
1836	14.61	−4.17	−22.20
1837	12.78	−1.83	−12.53
1838	11.22	−1.56	−12.21
1839	9.13	−2.09	−18.63
1840	9.91	0.78	8.54
1841	8.09	−1.82	−18.37
1842	6.52	−1.57	−19.41
1843	11.22	4.70	72.09
1844	12.52	1.30	11.59
1845	13.31	0.79	6.31
1846	13.04	−0.27	−2.03
1847	13.04	0.00	0.00
1848	13.04	0.00	0.00
1849	13.57	0.53	4.06
1850	17.48	3.91	28.81
1851	16.70	−0.78	−4.46
1852	21.13	4.43	26.53
1853	18.00	−3.13	−14.81
1854	12.87	−5.13	−28.50
1855	13.80	0.93	7.23
1856	15.94	2.14	15.51
1857	11.92	−4.02	−25.22
1858	9.90	−2.02	−16.95
1859	9.03	−0.87	−8.79
1860	10.65	1.62	17.94
1861	12.02	1.37	12.86
1862	17.90	5.88	48.92
1863	25.34	7.44	41.56
1864	24.12	−1.22	−4.81
1865	26.07	1.95	8.08
1866	25.93	−0.14	−0.54
1867	26.97	1.04	4.01
1868	29.44	2.47	9.16
1869	25.35	-4.09	−13.89
1870	26.34	0.99	3.91
1871	29.99	3.65	13.86
1872	34.85	4.86	16.21
1873	31.80	−3.05	−8.75
1874	33.74	1.94	6.10
1875	31.94	−1.80	−5.33
1876	30.27	−1.67	−5.23
1877	24.58	−5.69	−18.80
1878	25.13	0.55	2.24
1879	30.27	5.14	20.45
1880	30.13	−0.14	−0.46
1881	34.99	4.86	16.13
1882	32.63	−2.36	−6.74
1883	30.41	−2.22	−6.80
1884	28.46	−1.95	−6.41
1885	39.29	10.83	38.05
1886	41.03	1.74	4.43
1887	37.58	−3.45	−8.41
1888	39.39	1.81	4.82
1889	41.56	2.17	5.51
1890	35.68	−5.88	−14.15
1891	41.97	6.29	17.63
1892	39.21	−2.76	6.58
1893	29.57	−9.64	−24.59
1894	29.40	−0.17	−0.57
1895	30.07	0.67	2.28
1896	29.56	−0.51	−1.70
1897	36.07	6.51	22.02
1898	44.18	8.11	22.48
1899	48.24	4.06	9.19
1900	51.62	3.38	7.01
1901	47.13	−4.49	−8.70
1902	46.93	−0.20	−0.42
1903	35.85	−11.08	−23.61
1904	50.82	14.97	41.76
1905	70.23	19.41	38.19
1906	68.88	−1.35	−1.92
1907	42.89	−25.99	−37.73
1908	62.89	20.00	46.63
1909	72.31	9.42	14.98
1910	59.40	−12.91	−17.85
1911	59.63	0.23	0.39
1912	64.15	4.52	7.58
1913	57.51	−6.64	−10.35
1914	54.58	−2.93	−5.09
1915	99.15	44.57	81.66
1916	95.00	−4.15	−4.19
1917	74.38	−20.62	−21.71
1918	82.20	7.82	10.51
1919	107.23	25.03	30.45
1920	71.95	−35.28	−32.90
1921	81.10	9.15	12.72
1922	98.73	17.63	21.74
1923	95.52	−3.21	−3.25
1924	120.51	24.99	26.16
1925	156.66	36.15	30.00
1926	157.20	0.54	0.34
1927	202.40	45.20	28.75
1928	300.00	97.60	48.22
1929	248.48	−51.52	−17.17
1930	164.58	−83.90	−33.77
1931	77.90	−86.68	−52.67
1932	59.93	−17.97	−23.07
1933	99.90	39.97	66.69
1934	104.04	4.14	4.14
1935	144.13	40.09	38.53
1936	179.90	35.77	24.82
1937	120.85	−59.05	−32.82
1938	154.76	33.91	28.06
1939	150.24	−4.52	−2.92
1940	131.13	−19.11	−12.72
1941	110.96	−20.17	−15.38
1942	119.40	8.44	7.61
1943	135.89	16.49	13.81
1944	152.32	16.43	12.09
1945	192.91	40.59	26.65
1946	177.20	−15.71	−8.14
1947	181.16	3.96	2.23
1948	177.30	−3.86	−2.13
1949	200.13	22.83	12.88
1950	235.41	35.28	17.63
1951	269.23	33.82	14.37
1952	291.90	22.67	8.42
1953	280.90	−11.00	−3.77
1954	404.39	123.49	43.96
1955	488.40	84.01	20.77
1956	499.47	11.07	2.27
1957	435.69	−63.78	−12.77
1958	583.65	147.96	33.96
1959	679.36	95.71	16.40
1960	615.89	−63.47	−9.34
1961	731.14	115.25	18.71
1962	652.10	-79.04	−10.81
1963	762.95	110.85	17.00
1964	874.13	111.18	14.57
1965	969.26	95.13	10.88
1966	785.69	−183.57	−18.94
1967	905.11	119.42	15.20
1968	943.75	38.64	4.27
1969	800.36	−143.39	−15.19
1970	838.92	38.56	4.82
1971	890.20	51.28	6.11
1972	1,020.02	129.82	14.58
1973	850.86	−169.16	−16.58
1974	616.24	−234.62	−27.57
1975	852.41	236.17	38.32
1976	1,004.65	152.24	17.86
1977	831.17	−173.48	−17.27
1978	805.01	−26.16	−3.15
1979	838.74	33.73	4.19
1980	963.99	125.25	14.93
1981	875.00	−88.99	−9.23
1982	1,046.54	171.54	19.60
1983	1,258.64	212.10	20.27
1984	1,211.57	−47.07	−3.74
1985	1,546.67	335.10	27.66
1986	1,895.95	349.28	22.58
1987	1,938.83	42.88	2.26
1988	2,168.57	229.74	11.85
1989	2,753.20	584.63	26.96
1990	2,633.66	−119.54	−4.34
1991	3,168.83	535.17	20.32
1992	3,301.11	132.28	4.17
1993	3,754.09	452.98	13.72
1994	3,834.44	80.35	2.14
1995	5,117.12	1,282.68	33.45
1996	6,448.27	1,331.15	26.01
1997	7,908.25	1,459.98	22.64
1998	9,181.43	1,273.18	16.10
1999	11,497.12	2,315.69	25.22
2000	10,786.85	−710.27	−6.18
2001	10,021.50	−765.35	−7.10
2002	8,341.63	−1,679.87	−16.76
2003	10,453.92	2,112.29	25.32
2004	10,783.01	329.09	3.15
2005	10,717.50	−65.51	−0.61
2006	12,463.15	1,745.65	16.29
2007	13,264.82	801.67	6.43
2008	8,776.39	−4,488.43	−33.84
2009	10,428.05	1,651.66	18.82
2010	11,577.51	1,149.46	11.02
2011	12,217.56	640.05	5.53
2012	13,104.14	886.58	7.26
2013	16,576.66	3,472.52	26.50
2014	17,823.07	1,246.41	7.52
2015	17,425.03	−398.04	−2.23
2016	19,762.60	2,337.57	13.42
2017	24,719.22	4,956.62	25.08
2018	23,327.46	−1,391.76	−5.63
2019	28,538.44	5,210.98	22.34
2020	30,606.48	2,068.04	7.25

Bull markets

The longest bull market on the Dow Jones Index lasted a total of 2,836 days between 1990 and 1998. The bull market with the greatest profit occurred between 1923 and 1929. Investors gained 344.5 percent on stocks during that time. According to a study by the US analysis company Ned Davis Research, there have been 36 cyclical bull markets with an average duration of 751 days ( median = 614 days) since 1900 . The average profit was 85.6 percent (median = 69.1 percent).

According to a definition by Ned Davis Research, bull markets are price gains in the Dow Jones Index of at least 30 percent after 50 days, an increase in the index of 13 percent after 155 days or a 30 percent reversal in the geometric value line composite Index since 1965.

Beginning	Closing score in points	end	Closing score in points	Change in%	Days
Sep 24 1900	38.80	June 17, 1901	57.33	47.8	266
Nov 9, 1903	30.88	Jan. 19, 1906	75.45	144.4	802
Nov 15, 1907	38.83	Nov 19, 1909	73.64	89.7	735
25 Sep 1911	53.43	Sep 30 1912	68.97	29.1	371
December 24, 1914	53.17	Nov 21, 1916	110.15	107.2	698
December 19, 1917	65.95	Nov 3, 1919	119.62	81.4	684
Aug 24, 1921	63.90	March 20, 1923	105.38	64.9	573
Oct. 27, 1923	85.76	Sep 3 1929	381.17	344.5	2.138
Nov 13, 1929	198.69	Apr 17, 1930	294.07	48.0	155
July 8, 1932	41.22	Sep 7 1932	79.93	93.9	61
Feb. 27, 1933	50.16	Feb 5, 1934	110.74	120.8	343
July 26, 1934	85.51	March 10, 1937	194.40	127.3	958
March 31, 1938	98.95	Nov 12, 1938	158.41	60.1	226
Apr 8, 1939	121.44	Sep 12 1939	155.92	28.4	157
Apr 28, 1942	92.92	May 29, 1946	212.50	128.7	1,492
May 17, 1947	163.21	June 15, 1948	193.16	18.4	395
June 13, 1949	161.60	Jan. 5, 1953	293.79	81.8	1,302
Sep 14 1953	255.49	Apr 6, 1956	521.05	103.9	935
Oct 22, 1957	419.79	Jan. 5, 1960	685.47	63.3	805
Oct 25, 1960	566.05	Dec 13, 1961	734.91	29.8	414
June 26, 1962	535.76	Feb 9, 1966	995.15	85.7	1,324
Oct 7, 1966	744.32	December 3, 1968	985.21	32.4	788
May 26, 1970	631.16	Apr 28, 1971	950.82	50.6	337
Nov 23, 1971	797.97	Jan. 11, 1973	1,051.70	31.8	415
Dec 6, 1974	577.60	Sep 21 1976	1,014.79	75.7	655
Feb. 28, 1978	742.12	Sep 8 1978	907.74	22.3	192
Apr 21, 1980	759.13	Apr. 27, 1981	1,024.05	34.9	371
Aug 12, 1982	776.92	Nov 29, 1983	1,287.20	65.7	474
July 24, 1984	1,086.57	Aug 25, 1987	2,722.42	150.6	1,127
Oct 19, 1987	1,738.74	July 16, 1990	2,999.75	72.5	1,001
Oct 11, 1990	2,365.10	July 17, 1998	9,337.97	294.8	2,836
Aug 31, 1998	7,539.07	Jan. 14, 2000	11,722.98	55.5	501
Sep 21 2001	8,235.81	March 19, 2002	10,635.25	29.1	179
Oct 9, 2002	7,286.27	Oct 9, 2007	14,164.53	94.4	1,826
March 9, 2009	6,547.05	Apr 29, 2011	12,810.54	95.7	781
Oct 3, 2011	10,655.30

Bear markets

The longest bear market on the Dow Jones Index lasted a total of 959 days between 1939 and 1942. The bear market with the greatest loss occurred between 1930 and 1932. During that time, investors lost 86.0 percent with stocks. According to a study by the American analysis company Ned Davis Research, there have been 36 cyclical bear markets with an average duration of 406 days (median = 363 days) since 1901. The average loss was 30.8 percent (median = 26.9 percent).

According to a definition by Ned Davis Research, bear markets are price losses of the Dow Jones Index of at least 30 percent after 50 days, a decrease in the index of 13 percent after 145 days or a 30 percent reversal in the geometric value line composite Index since 1965.

Beginning	Closing score in points	end	Closing score in points	Change in%	Days
June 17, 1901	57.33	Nov 9, 1903	30.88	−46.1	875
Jan. 19, 1906	75.45	Nov 15, 1907	38.83	−48.5	665
Nov 19, 1909	73.64	25 Sep 1911	53.43	−27.4	675
Sep 30 1912	68.97	July 30, 1914	52.32	−24.1	668
Nov 21, 1916	110.15	December 19, 1917	65.95	−40.1	393
Nov 3, 1919	119.62	Aug 24, 1921	63.90	−46.6	660
March 20, 1923	105.38	Oct. 27, 1923	85.76	−18.6	221
Sep 3 1929	381.17	Nov 13, 1929	198.69	−47.9	71
Apr 17, 1930	294.07	July 8, 1932	41.22	−86.0	813
Sep 7 1932	79.93	Feb. 27, 1933	50.16	−37.2	173
Feb 5, 1934	110.74	July 26, 1934	85.51	−22.8	171
March 10, 1937	194.40	March 31, 1938	98.95	−49.1	386
Nov 12, 1938	158.41	Apr 8, 1939	121.44	−23.3	147
Sep 12 1939	155.92	Apr 28, 1942	92.92	−40.4	959
May 29, 1946	212.50	May 17, 1947	163.21	−23.2	353
June 15, 1948	193.16	June 13, 1949	161.60	−16.3	363
Jan. 5, 1953	293.79	Sep 14 1953	255.49	−13.0	252
Apr 6, 1956	521.05	Oct 22, 1957	419.79	−19.4	564
Jan. 5, 1960	685.47	Oct 25, 1960	566.05	−17.4	294
Dec 13, 1961	734.91	June 26, 1962	535.76	−27.1	195
Feb 9, 1966	995.15	Oct 7, 1966	744.32	−25.2	240
December 3, 1968	985.21	May 26, 1970	631.16	−35.9	539
Apr 28, 1971	950.82	Nov 23, 1971	797.97	−16.1	209
Jan. 1, 1973	1,051.70	Dec 6, 1974	577.60	−45.1	694
Sep 21 1976	1,014.79	Feb. 28, 1978	742.12	−26.9	525
Sep 8 1978	907.74	Apr 21, 1980	759.13	−16.4	591
Apr. 27, 1981	1,024.05	Aug 12, 1982	776.92	−24.1	472
Nov 29, 1983	1,287.20	July 24, 1984	1,086.57	−15.6	238
Aug 25, 1987	2,722.42	Oct 19, 1987	1,738.74	−36.1	55
July 16, 1990	2,999.75	Oct 11, 1990	2,365.10	−21.2	87
July 17, 1998	9,337.97	Aug 31, 1998	7,539.07	−19.3	45
Jan. 14, 2000	11,722.98	Sep 21 2001	8,235.81	−29.7	616
March 19, 2002	10,635.25	Oct 9, 2002	7,286.27	−31.5	204
Oct 9, 2007	14,164.53	March 9, 2009	6,547.05	−53.8	517
Apr 29, 2011	12,810.54	Oct 3, 2011	10,655.30	−16.8	157

composition

The largest company on July 6, 2013 was IBM with a weighting of 11.23 percent. The ten largest stock corporations by weighting had a share of 56.04 percent of the total weighting . The conglomerate General Electric was the last remaining of the twelve companies listed in the index introduced in 1896 and thus the longest time represented until it was replaced by Walgreens Boots Alliance on June 26, 2018 . Apple was promoted to the Dow Jones on March 18, 2015, replacing AT&T . The telecommunications company AT&T was in the index from 1916 to 2004 and from 2005.

The Dow Jones Industrial Average consists of the following companies (as of March 4, 2020):

Surname	Branch	logo	Index weighting in%	admission
Boeing	Aircraft construction		7.09	March 12, 1987
UnitedHealth	Insurance		7.25	Sep 24 2012
Goldman Sachs	Investment banking		5.23	23 Sep 2013
Home Depot	retail trade		6.04	Nov 1, 1999
3M 1	Conglomerate		3.85	Aug 9, 1976
Apple 2	Hardware, software		7.58	March 18, 2015
MC Donalds	food		5.18	Oct. 30, 1985
IBM	Information technology		3.36	June 29, 1979
Caterpillar	mechanical engineering		3.19	May 6, 1991
Visa Inc.	Financial services		4.86	23 Sep 2013
United Technologies 3	Conglomerate		3.48	March 14, 1939
Travelers	Banks		3.29	June 8, 2009
Chevron	Oil, gas		2.47	Feb 19, 2008
Johnson & Johnson	Pharma, consumer goods		3.59	March 17, 1997
JPMorgan Chase 4	Banks		3.00	May 6, 1991
Disney	Media, leisure		2.98	May 6, 1991
American Express	Banks		2.90	Aug 30, 1982
Microsoft	Hardware, software		4.27	Nov 1, 1999
Walmart	retail trade		2.92	March 17, 1997
ExxonMobil 5	Oil, gas		1.31	Oct. 1, 1928
Procter & Gamble	Consumer goods		3.12	May 26, 1932
Nike	Sporting goods		2.35	23 Sep 2013
Walgreens Boots Alliance 6	pharmacy		1.22	June 26, 2018
Dow, Inc. 7	chemistry		1.05	April 1, 2019
Merck	Pharma		2.08	June 29, 1979
Intel	Information technology		1.47	Nov 1, 1999
Verizon Communications	telecommunications		1.46	Apr 8, 2004
Coke	food		1.48	March 12, 1987
Cisco	Information technology		1.04	June 8, 2009
Pfizer	Pharma		1.02	Apr 8, 2004

1 1976 Admission as Minnesota Mining and Manufacturing 2 2015 Replaces AT&T 3 1939 admission as United Aircraft

4th 1991 admission as JP Morgan & Company 5 1928 admission as Standard Oil (NJ) 6th 2018 Replaces General Electric 7th 1935 accepted as EI du Pont de Nemours and Company

Further stock indices in the USA

• NYSE Composite (all NYSE companies )
• Nasdaq Composite (all NASDAQ companies )
• NASDAQ-100 (100 largest NASDAQ technology companies)
• S&P 500 (500 of the largest US public companies)
• S&P 100 (Top 100 US public companies from "S&P 500")
• Russell 2000 (2000 US small caps)
• Wilshire 5000 (all US public companies)

Web links

Commons : Dow Jones Industrial Average  - collection of images, videos and audio files

• Index at "S&P Dow Jones Indices" (English)
• Index at Deutsche Bank
• Index at Bloomberg (English)
• Index at Yahoo
• The Dow Jones - a stock market legend. ValueBlog.de

Individual evidence

1. ^ Dow Jones Transportation Average. Dow Jones averages.
2. ↑ Jblaustein.de: Foreign withholding tax ( Memento from May 18, 2013 in the Internet Archive ).
3. ↑ Market Data Center. The Wall Street Journal.
4. ↑ methodology. Dow Jones Indexes.
5. ↑ Dow sees important change to how it's calculated. MarketWatch, September 6, 2017.
6. ↑ DowDuPont merger successfully completed. Dow Global, September 1, 2017.
7. ↑ FT Global 500 March 2013 - Prices and market values ​​at March 28, 2013 (PDF; 61 kB) in ft-static.com Financial Times (English).
8. ↑ ^{a b} Stock values ​​since 1884 (PDF) Dow Jones Indexes.
9. ↑ ^{a b} story. MD Leasing.
10. ↑ ^{a b c d e} DJIA from 1885 (daily). MeasuringWorth.
11. ↑ ^{a b c d e} Stock Price Record, by Months, 1789 to Date. In: Cycles Magazine. Volume 16, Foundation for the Study of Cycles, 1965, p. 162.
12. ↑ ^{a b c} The Day Stocks Rose but the Dow Plunged. Wall Street Journal, October 1, 2008.
13. ↑ World Indices ( Memento of December 28, 2009 in the Internet Archive ) Yahoo.
14. ↑ ^{a b} DJIA from 1896 (daily). Stooq.
15. ↑ Price drop on Wall Street - stockbrokers doubt the “fat finger” theory . Spiegel Online, May 7, 2010.
16. ↑ What caused the US stock market crash in May . Handelsblatt, October 1, 2010.
17. ↑ Buying up government bonds: Investors cheer Draghi's euro promise . Spiegel Online, July 26, 2012.
18. ↑ Governing Council meeting: Draghi announces unlimited bond purchases . Spiegel Online, September 6, 2012.
19. ↑ Fed chief: Bernanke is counting on the big flood of money . Spiegel Online, September 13, 2012.
20. ↑ Bonds purchase: US Federal Reserve starts new economic program . Spiegel Online, December 12, 2012.
21. ↑ ^{a b} DJIA from 1928 (daily). Yahoo.
22. ↑ Rule 80B ( Memento of the original from September 25, 2011 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. NYSE Euronext. 
23. ^ NYSE Market Model: Circuit Breakers . Archived from the original on April 2, 2015. Retrieved March 1, 2015.
24. ↑ John B. Bradshaw: A Preliminary Inquiry Into the Possibility of a Relationship Between Long Term Variations in Tidal Potential and Fluctuations in an Economic Time Series. ( Memento of the original from January 4, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 13.4 MB) In: Cycles Magazine, Foundation for the Study of Cycles, Vol. 31, No. 1, 1980. 
25. ↑ ^{a b} Historical courses of the DJITR. Google Finance.
26. ↑ DAX from 1959 (daily). Stooq.
27. ↑ DAX from 1990 (daily). Yahoo.
28. ↑ Statistics. Fin facts.
29. ↑ Page no longer available , search in web archives: milestones and all-time high. NYSE TV.
30. ↑ ^{a b} Trading interruptions on the NYSE since 1885 ( memento of the original from September 25, 2007 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 142 kB) NYSE Euronext. 
31. ↑ ^{a b} Best and worst days. Wall Street Journal.
32. ↑ ^{a b c d e f} Bryan Taylor: GFD Guide to Best and Worst Investment Periods. ( Memento of the original from December 19, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Global Financial Data, 2002. 
33. ↑ ^{a b} DJIA from 1901 (daily). EconStats.
34. ↑ ^{a b} DJIA from 1901 (weekly). EconStats.
35. ↑ ^{a b} DJIA from 1901 (monthly). EconStats.
36. ↑ DJIA from 1975 (annually). 1floor1.
37. ↑ ^{a b} What to expect from a bear market. Chicago Tribune, July 10, 2008.
38. ↑ Composition. indexArb.