Dow Jones Transportation Average
Dow Jones Transportation Average | |
---|---|
base data | |
Country | United States |
Stock exchange | New York Stock Exchange |
ISIN | XC0009694214 |
WKN | 969421 |
symbol | DJT |
RIC | ^ DJT |
Bloomberg code | TRAN <INDEX> |
category | Stock index |
Type | Price index |
family | Dow Jones |
The Dow Jones Transportation Average (also "Dow Jones Transports"; DJTA ) is a share index in the USA and comprises 20 of the largest transport companies on the New York Stock Exchange . It was first published in the Customers' Afternoon Letter on July 3, 1884, by Charles Dow , co-founder of the Dow Jones publishing house .
calculation
The Dow Jones Transportation Average (DJTA) is a price index and comprises 20 of the largest US transportation companies on the New York Stock Exchange (NYSE). It is calculated without dividends , subscription rights and special payments, which means that it is a price-weighted index. The index level is determined solely on the basis of share prices and only adjusted for income from subscription rights and special payments. In the case of stock splits and stock consolidations, the index is adjusted using correction factors.
The calculation is based on adding up the individual share prices and then dividing them by the number of index members. Each of the 20 companies in the DJTA is weighted equally - with 5%. This is different for many other stock market indices, for example the DAX . When calculating the DJTA, it does not matter what percentage of the shares are in free float .
Inclusion of companies in the DJTA and removal from the DJTA are not strictly regulated and are at the discretion of the editors of the Wall Street Journal . 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).
Leading indicator for the US economy
According to the Dow Theory, the Dow Jones Transportation Average is a leading indicator of the US economy and thus also of the stock markets. Some technical analysts in particular are looking at the index. The economic development is reflected in the order situation of the logistics companies. Required raw materials have to be brought to the production facilities long before the end product is transported to the end user. That is why many analysts regard the transport index as an early indicator of economic development.
In the Dow Theory, it is not only the transport index that is important, but also the Dow Jones Industrial Average . A trend reversal is only seen as given when both the shares of industrial companies and the shares of transport companies no longer confirm their highs or lows, whereby the transport shares have a leading character. In the western world, the American Charles Dow is considered to be the founder of technical analysis. He published his Dow Theory on chart analysis in a series of articles from 1884 in the Wall Street Journal.
Another leading indicator of the logistics industry is the Baltic Dry Index (shipping), an important price index for the worldwide shipping of major cargo (mainly coal, iron ore and grain) on standard routes .
history
Historical overview
Charles Dow developed the first US stock index , the “Dow Jones Average”, to provide a benchmark for assessing fluctuations in the share price . It was the predecessor of what is now the Dow Jones Transportation Average. The index was first published on July 3, 1884 in the “Customers' Afternoon Letter” and initially consisted of eleven values. Nine stocks were railroad companies and two industrial companies (the Pacific Mail Steamship Company and the Western Union money transfer company ).
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 |
In the fall of 1896, the original Dow Jones Average was adjusted to the industrial companies and renamed the "Dow Jones Railroad Average" (DJRA). The DJRA started on September 8, 1896 at 48.55 points. On January 2, 1970, the index was given its current name “Dow Jones Transportation Average” (DJTA).
A milestone in the development was March 1, 1983, when the index ended trading above the 500-point mark for the first time. On June 8, 1984, the DJTA closed above the 1,000 point mark for the first time, and above the 2,000 point mark on September 18, 1995. The Dow Jones Transportation Average also set further record highs in the following years. On August 6, 1997, it ended trading above the 3,000-point mark for the first time.
On May 12, 1999, the index reached a level of 3,686.00 points, which remained its all-time high for half a decade. The bursting of the speculative bubble in the technology sector ( dotcom bubble ) also had an impact on the Dow Jones Transportation Average. It fell to a low of 1,942.19 points by March 11, 2003. That was a decrease of 47.3 percent compared to May 12, 1999.
March 11, 2003 marks the end of the downward slide. From spring 2003 the index was on the way up again. On November 9, 2005, the DJTA closed above the 4,000 point mark for the first time. The index passed the 5,000 point mark for the first time on February 2, 2007. On July 19, 2007, the Dow Jones Transportation Average ended trading at 5,446.49 points. The increase since March 11, 2003 is 180.4 percent.
In the course of the international financial crisis , which had its origin in the US real estate crisis in the summer of 2007, the index began to decline again. On October 7, 2008 the DJTA closed with 3,898.15 points below the limit of 4,000 points. The Dow Jones Transportation Average fell to its lowest level since March 31, 2003 on March 9, 2009 when it ended trading at 2,146.89 points. Since the high on July 19, 2007, this corresponds to a decrease of 60.6 percent.
March 9, 2009 marked the end of the downward trend. The index recovered strongly from spring 2009. On July 7, 2011, the Dow Jones Transportation Average closed at 5,618.25 points. The profit since March 9, 2009 is 161.7 percent. The weakening of the global economy and the intensification of the euro crisis led to a drop in the US transport index. On October 3, 2011, the stock market barometer ended trading at 4,038.73 points. The loss since the high on July 7, 2011 is 28.1 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 January 17, 2013, the index marked an all-time high with a closing level of 5,681.28 points. The profit since the low on October 3, 2011 is 40.7 percent.
Highs
The overview shows the all-time highs of the Dow Jones Transportation Average.
Points | date | |
---|---|---|
in the course of trading | 11,611.52 | Friday September 14, 2018 |
on a closing price basis | 11,570.84 | Friday September 14, 2018 |
Milestones
The table shows the milestones of the Dow Jones Transportation Average.
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The best days
The table shows the Dow Jones Transportation Average's best days since 1896.
rank | date | Final score in points |
Change in points |
Change in% |
---|---|---|---|---|
1 | 15th Mar 1933 | 29.19 | 4.43 | 17.89 |
2 | Dec 18, 1931 | 35.91 | 4.49 | 14.29 |
3 | 23 Sep 1931 | 61.86 | 7.59 | 13.99 |
4th | Feb 13, 1932 | 39.70 | 4.13 | 11.61 |
5 | 21 Sep 1932 | 36.22 | 3.74 | 11.51 |
6th | June 4, 1932 | 17.64 | 1.77 | 11.15 |
7th | Oct 6, 1931 | 50.68 | 5.00 | 10.95 |
8th | Aug 15, 1932 | 28.30 | 2.76 | 10.81 |
9 | 5th Sep 1939 | 28.96 | 2.78 | 10.62 |
10 | Oct 14, 1932 | 27.71 | 2.64 | 10.53 |
11 | 22 Aug 1932 | 33.20 | 3.06 | 10.15 |
12 | Aug 3, 1932 | 22.00 | 2.00 | 10.00 |
13 | Aug 6, 1932 | 24.72 | 2.24 | 9.96 |
14th | June 23, 1938 | 24.60 | 2.14 | 9.53 |
15th | July 29, 1932 | 21.59 | 1.85 | 9.37 |
16 | Oct 8, 1931 | 54.69 | 4.57 | 9.12 |
17th | Dec 6, 1932 | 26.81 | 2.22 | 9.03 |
18th | Oct 11, 1932 | 25.77 | 2.12 | 8.96 |
19th | Dec. 27, 1917 | 78.02 | 6.41 | 8.95 |
20th | Aug 24, 1932 | 36.32 | 2.87 | 8.58 |
The worst days
The table shows the worst days of the Dow Jones Transportation Average since 1896.
rank | date | Final score in points |
Change in points |
Change in% |
---|---|---|---|---|
1 | Oct 19, 1987 | 776.87 | −164.78 | −17.50 |
2 | 17 Sep 2001 | 2,271.68 | −404.82 | −15.12 |
3 | Oct 5, 1932 | 29.52 | −3.94 | −11.78 |
4th | Sep 24 1931 | 55.58 | −6.28 | −10.15 |
5 | Oct 26, 1987 | 674.92 | −74.68 | −9.96 |
6th | Sep 12 1932 | 34.22 | −3.72 | −9.80 |
7th | July 21, 1933 | 44.82 | −4.74 | −9.56 |
8th | 25th Mar 1938 | 19.95 | −2.04 | −9.28 |
9 | Dec 1, 2008 | 3,196.83 | −315.37 | −8.98 |
10 | Oct 15, 2008 | 3,632.83 | −356.82 | −8.94 |
11 | Oct 10, 1932 | 23.65 | −2.31 | −8.90 |
12 | Sep 14 1932 | 29.71 | −2.86 | −8.78 |
13 | July 26, 1934 | 34.29 | −3.30 | −8.78 |
14th | Oct 2, 2008 | 4,177.18 | −399.19 | −8.72 |
15th | 21 Sep 1933 | 42.85 | −4.01 | −8.56 |
16 | Oct 23, 1937 | 32.32 | −2.96 | −8.39 |
17th | Oct 18, 1937 | 30.55 | −2.78 | −8.34 |
18th | Oct 21, 1932 | 27.28 | −2.48 | −8.33 |
19th | July 20, 1933 | 49.56 | −4.45 | −8.24 |
20th | Aug 12, 1932 | 26.28 | −2.35 | −8.21 |
Annual development
The table shows the annual development of the Dow Jones Transportation Average since 1896.
year | Final score in points |
Change in points |
Change in% |
---|---|---|---|
1896 | 51.33 | ||
1897 | 62.29 | 10.96 | 21.35 |
1898 | 74.99 | 12.70 | 20.39 |
1899 | 77.73 | 2.74 | 3.65 |
1900 | 94.99 | 17.26 | 22.21 |
1901 | 114.85 | 19.86 | 20.91 |
1902 | 118.98 | 4.13 | 3.60 |
1903 | 98.33 | −20.65 | −17.36 |
1904 | 117.43 | 19.10 | 19.42 |
1905 | 133.26 | 15.83 | 13.48 |
1906 | 129.80 | −3.46 | −2.60 |
1907 | 88.77 | −41.03 | −31.61 |
1908 | 120.05 | 31.28 | 35.24 |
1909 | 130.41 | 10.36 | 8.63 |
1910 | 114.06 | −16.35 | −12.54 |
1911 | 116.83 | 2.77 | 2.43 |
1912 | 116.84 | 0.01 | 0.01 |
1913 | 103.72 | −13.12 | −11.23 |
1914 | 88.53 | −15.19 | −14.65 |
1915 | 108.05 | 19.52 | 22.05 |
1916 | 105.15 | −2.90 | −2.68 |
1917 | 79.73 | −25.42 | −24.17 |
1918 | 84.32 | 4.59 | 5.76 |
1919 | 75.30 | −9.02 | −10.70 |
1920 | 75.96 | 0.66 | 0.88 |
1921 | 74.27 | −1.69 | −2.22 |
1922 | 86.11 | 11.84 | 15.94 |
1923 | 80.86 | −5.25 | −6.10 |
1924 | 98.33 | 17.47 | 21.61 |
1925 | 112.93 | 14.60 | 14.85 |
1926 | 120.86 | 7.93 | 7.02 |
1927 | 140.30 | 19.44 | 16.08 |
1928 | 151.14 | 10.84 | 7.73 |
1929 | 144.72 | −6.42 | −4.25 |
1930 | 96.58 | −48.14 | −33.26 |
1931 | 33.63 | −62.95 | -65.18 |
1932 | 25.90 | −7.73 | −22.99 |
1933 | 40.80 | 14.90 | 57.53 |
1934 | 36.44 | −4.36 | −10.69 |
1935 | 40.48 | 4.04 | 11.09 |
1936 | 53.63 | 13.15 | 32.49 |
1937 | 29.46 | −24.17 | −45.07 |
1938 | 33.98 | 4.52 | 15.34 |
1939 | 31.63 | −2.35 | −6.92 |
1940 | 28.13 | −3.50 | −11.07 |
1941 | 25.42 | −2.71 | −9.63 |
1942 | 27.39 | 1.97 | 7.75 |
1943 | 33.56 | 6.17 | 22.53 |
1944 | 48.40 | 14.84 | 44.22 |
1945 | 62.80 | 14.40 | 29.75 |
1946 | 51.13 | −11.67 | −18.58 |
1947 | 52.48 | 1.35 | 2.64 |
1948 | 52.86 | 0.38 | 0.72 |
1949 | 52.76 | −0.10 | −0.19 |
1950 | 77.64 | 24.88 | 47.16 |
1951 | 81.70 | 4.06 | 5.23 |
1952 | 111.27 | 29.57 | 36.19 |
1953 | 94.03 | −17.24 | −15.49 |
1954 | 145.86 | 51.83 | 55.12 |
1955 | 163.29 | 17.43 | 11.95 |
1956 | 153.23 | −10.06 | −6.16 |
1957 | 96.96 | −56.27 | −36.72 |
1958 | 157.65 | 60.69 | 62.59 |
1959 | 154.05 | −3.60 | −2.28 |
1960 | 130.85 | −23.20 | −15.06 |
1961 | 143.84 | 12.99 | 9.93 |
1962 | 141.04 | −2.80 | −1.95 |
1963 | 178.54 | 37.50 | 26.59 |
1964 | 205.34 | 26.80 | 15.01 |
1965 | 247.48 | 42.14 | 20.52 |
1966 | 202.97 | −44.51 | −17.99 |
1967 | 233.24 | 30.27 | 14.91 |
1968 | 271.60 | 38.36 | 16.45 |
1969 | 176.34 | −95.26 | −35.07 |
1970 | 171.52 | −4.82 | −2.73 |
1971 | 243.72 | 72.20 | 42.09 |
1972 | 227.17 | −16.55 | −6.79 |
1973 | 196.19 | −30.98 | −13.64 |
1974 | 143.44 | −52.75 | −26.89 |
1975 | 172.65 | 29.21 | 20.36 |
1976 | 237.03 | 64.38 | 37.29 |
1977 | 217.18 | −19.85 | −8.37 |
1978 | 206.56 | −10.62 | −4.89 |
1979 | 252.39 | 45.83 | 22.19 |
1980 | 398.10 | 145.71 | 57.73 |
1981 | 380.30 | −17.80 | −4.47 |
1982 | 448.38 | 68.08 | 17.90 |
1983 | 598.59 | 150.21 | 33.50 |
1984 | 558.13 | −40.46 | −6.76 |
1985 | 708.21 | 150.08 | 26.89 |
1986 | 807.17 | 98.96 | 13.97 |
1987 | 748.86 | −58.31 | −7.22 |
1988 | 969.84 | 220.98 | 29.51 |
1989 | 1,177.81 | 207.97 | 21.44 |
1990 | 910.23 | −267.58 | −22.72 |
1991 | 1,358.00 | 447.77 | 49.19 |
1992 | 1,449.21 | 91.21 | 6.72 |
1993 | 1,762.32 | 313.11 | 21.61 |
1994 | 1,455.03 | −307.29 | −17.44 |
1995 | 1,981.00 | 525.97 | 36.15 |
1996 | 2,255.67 | 274.67 | 13.87 |
1997 | 3,256.50 | 1,000.83 | 44.37 |
1998 | 3,149.31 | −107.19 | −3.29 |
1999 | 2,977.20 | −172.11 | −5.47 |
2000 | 2,946.60 | −30.60 | −1.03 |
2001 | 2,639.99 | −306.61 | −10.41 |
2002 | 2,309.96 | −330.03 | −12.50 |
2003 | 3,007.05 | 697.09 | 30.18 |
2004 | 3,798.05 | 791.00 | 26.30 |
2005 | 4,196.03 | 397.98 | 10.48 |
2006 | 4,560.20 | 364.17 | 8.68 |
2007 | 4,570.55 | 10.35 | 0.23 |
2008 | 3,537.15 | −1,033.40 | −22.61 |
2009 | 4,099.63 | 562.48 | 15.90 |
2010 | 5,106.75 | 1,007.12 | 24.57 |
2011 | 5,019.69 | −87.06 | −1.70 |
2012 | 5,306.77 | 287.08 | 5.72 |
2013 | 7,400.57 | 2,093.80 | 39.46 |
2014 | 9,139.92 | 1,739.35 | 23.50 |
2015 | 7,508.71 | −1,631.21 | −17.85 |
2016 | 9,043.90 | 1,535.19 | 20.45 |
2017 | 10,612.29 | 1,568.36 | 17.34 |
2018 | 9,170.40 | −1.441.89 | −13.59 |
2019 | 10,901.28 | 1,730.88 | 18.87 |
composition
The Dow Jones Transportation Average consists of the following 20 values (as of November 2019):
Surname | Branch | Index weighting in% |
---|---|---|
Alaska Air Group | airline | 3.97 |
American Airlines | airline | 1.69 |
Avis Budget Group | Rental car | 1.71 |
CH Robinson Worldwide | carrier | 4.25 |
CSX Corporation | Railway company | 4.08 |
Delta Air Lines | airline | 3.16 |
Expeditors International of Washington | Delivery service | 4.23 |
FedEx | Delivery service | 8.96 |
JB Hunt | carrier | 6.53 |
JetBlue Airways | airline | 1.09 |
Kansas City Southern | Railway company | 8.47 |
Kirby Corporation | Cargo shipping | 4.60 |
Landstar system | carrier | 6.41 |
Matson | shipping | 2.16 |
Norfolk Southern Railway | Railway company | 10.72 |
Ryder system | transport | 2.98 |
Southwest Airlines | airline | 3.22 |
Union Pacific Corporation | Railway company | 9.77 |
United Airlines Holdings | airline | 5.17 |
United Parcel Service | Delivery service | 6.81 |
See also
Web links
Individual evidence
- ^ Dow Jones Averages: Dow Jones Transportation Average
- ^ Dow Jones Indexes: Fact Sheets and Methodologies by indexes
- ^ A b Federal Reserve Bank of St. Louis: Historical prices from 1896
- ↑ a b c Yahoo: Historical prices from 1928
- ↑ a b Dow Jones Averages: Milestones
- ↑ 1Stock1: Dow Jones Transportation Average Yearly Returns
- ↑ Money-Zine.com: Dow Jones Transportation Components , accessed on August 25, 2020