Dow Jones Industrial Average

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The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow 30, INDP, or informally the Dow Jones or The Dow) is one of several stock market indices, created by nineteenth-century Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow. It is an index that shows how certain stocks have traded.^[1] Dow compiled the index to gauge the performance of the industrial sector of the American stock market. It is the second-oldest U.S. market index, after the Dow Jones Transportation Average, which Dow also created.

The average is computed from the stock prices of 30 of the largest and most widely held public companies in the United States. The "Industrial" portion of the name is largely historical. Many of the 30 components have little or nothing to do with traditional heavy industry. The average is price-weighted, and to compensate for the effects of stock splits and other adjustments, it is currently a scaled average. Not the actual average of the prices of its component stocks, but rather the sum of the component prices divided by a divisor, which changes whenever one of the component stocks has a stock split or stock dividend, so as to generate the value of the index. Since the divisor is currently less than one, the value of the index is higher than the sum of the component prices.

Contents 1 Companies included in the DJIA 1.1 Former components 2 History 3 Investing 4 Calculation 5 Criticism 6 See also 7 References 8 External links 8.1 Performance

[edit] Companies included in the DJIA

The Dow Jones Industrial Average consists of the following 30 companies:^[2]

Company	Symbol	Industry	Date Added
3M	MMM	Diversified industrials	1976-08-09 (as Minnesota Mining and Manufacturing)
Alcoa	AA	Aluminum	1959-06-01 (as Aluminum Company of America)
American Express	AXP	Consumer finance	1982-08-30
AT&T	T	Telecommunication	1999-11-01 (as SBC Communications)
Bank of America	BAC	Institutional and retail banking	2008-02-19
Boeing	BA	Aerospace & defense	1987-03-12
Caterpillar	CAT	Construction and mining equipment	1991-05-06
Chevron Corporation	CVX	Oil and gas	2008-02-19
Cisco Systems	CSCO	Computer networking	2009-06-08
Coca-Cola	KO	Beverages	1987-03-12
DuPont	DD	Commodity chemicals	1935-11-20 (also 1924-01-22 to 1925-08-31)
ExxonMobil	XOM	Integrated oil & gas	1928-10-01 (as Standard Oil (N.J.))
General Electric	GE	Conglomerate	1907-11-07
Hewlett-Packard	HPQ	Diversified computer systems	1997-03-17
The Home Depot	HD	Home improvement retailers	1999-11-01
Intel	INTC	Semiconductors	1999-11-01
IBM	IBM	Computer services	1979-06-29
Johnson & Johnson	JNJ	Pharmaceuticals	1997-03-17
JPMorgan Chase	JPM	Banking	1991-05-06 (as J.P. Morgan & Company)
Kraft Foods	KFT	Food processing	2008-09-22
McDonald's	MCD	Restaurants & bars	1985-10-30
Merck	MRK	Pharmaceuticals	1979-06-29
Microsoft	MSFT	Software	1999-11-01
Pfizer	PFE	Pharmaceuticals	2004-04-08
Procter & Gamble	PG	Non-durable household products	1932-05-26
Travelers	TRV	Insurance	2009-06-08
United Technologies Corporation	UTX	Aerospace, heating/cooling, elevators	1939-03-14 (as United Aircraft)
Verizon Communications	VZ	Telecommunication	2004-04-08
Wal-Mart	WMT	Broadline retailers	1997-03-17
Walt Disney	DIS	Broadcasting & entertainment	1991-05-06

[edit] Former components

The individual components of the DJIA are occasionally changed as market conditions warrant. When companies are replaced, the scale factor used to calculate the index is also adjusted so that the value of the average is not directly affected by the change.

On November 1, 1999, Chevron, Goodyear Tire and Rubber Company, Sears Roebuck, and Union Carbide were removed from the DJIA and replaced by Intel, Microsoft, The Home Depot, and SBC Communications. Intel and Microsoft became the first two companies traded on the tech-heavy NASDAQ exchange to be listed in the DJIA. This move was widely (in retrospect) criticized since it involved moving into technology names just before the height of the Dot-com bubble. On April 8, 2004, another change occurred as International Paper, AT&T, and Eastman Kodak were replaced with Pfizer, Verizon, and AIG. On December 1, 2005, AT&T returned to the DJIA as a result of the SBC Communications and AT&T merger. Altria Group and Honeywell were replaced by Chevron and Bank of America on February 19, 2008. Chevron had gained about 140% during the time it was no longer a component, while all three names that replaced it, had lost about 30%. On September 22, 2008, Kraft Foods replaced American International Group in the index.^[3] On June 8, 2009 General Motors and Citigroup were replaced by Cisco Systems and The Travelers Companies.^[4]

[edit] History

The DJIA was founded on May 26, 1896, and represented the average of twelve stocks from important American industries. Twelve years earlier, Mr. Dow's initial stock average, containing 9 Railroads and 2 Industrials appeared in the Customer's Afternoon Letter, a daily two-page financial news bulletin, which was the precursor to The Wall Street Journal. Of those original twelve; no longer railroad stocks, but purely industrial stocks, only General Electric is currently part of the index.^[5] The other eleven were:^[6]
- American Cotton Oil Company, a distant ancestor of Bestfoods, now part of Unilever.
- American Sugar Company, now Domino Foods, Inc.
- American Tobacco Company, broken up in a 1911 antitrust action.
- Chicago Gas Company, bought by Peoples Gas Light in 1897, (now an operating subsidiary of Integrys Energy Group).
- Distilling & Cattle Feeding Company, now Millennium Chemicals, a division of LyondellBasell, now in Chapter 11 bankruptcy.
- Laclede Gas Light Company, still in operation as The Laclede Group, removed from the Dow Jones Industrial Average in 1899.
- National Lead Company, now NL Industries, removed from the Dow Jones Industrial Average in 1916.
- North American Company, (Edison) electric company, broken up in the 1940s.
- Tennessee Coal, Iron and Railroad Company in Birmingham, Alabama, bought by U.S. Steel in 1907.
- U.S. Leather Company, dissolved in 1952.
- United States Rubber Company, changed its name to Uniroyal in 1961, merged with private B.F. Goodrich in 1986, bought by Michelin in 1990.

When it was first published, the index stood at 40.94. It was computed as a direct average, by first adding up stock prices of its components and dividing by the number of stocks in the index. The index hit its all-time low of 28.48 during the summer of 1896, but many of the biggest percentage price moves in The Dow occurred early in its history, as the nascent industrial economy matured. The Dow averaged 5.3% compounded annually for the 20th century, a record Warren Buffett called "a wonderful century"; when he calculated that to achieve that return again, the index would need to close at about 2,000,000 by December of 2099.^[7]

Even during the height of the dot-com era, authors James K. Glassman and Kevin A. Hassett went so far as to publish a book entitled Dow 36,000. Their theory was to imply that stocks were still cheap and it was not too late to benefit from rising prices during the Internet boom.

• On July 30, 1914, the average stood at a level of 71.42 when a decision was made to close down the New York Stock Exchange, and suspend trading for a span of 4 1/2 months. Some historians believe the exchange closed because of a concern that markets would plunge as a result of panic over the onset of World War I. An alternative explanation is that the Secretary of the Treasury, William Gibbs McAdoo, closed the exchange because he wanted to conserve the U.S. gold stock in order to launch the Federal Reserve System later that year, with enough gold to keep the U.S. at par with the gold standard. When the markets reopened on December 12, 1914, the index closed at 54, a drop of 24.39%.^[8]
• In 1916, the number of stocks in the index was increased to twenty. Later in 1928, it was increased to thirty stocks near the height of the Roaring Twenties. The Crash of 1929 and the ensuing Great Depression returned the average to its starting point, almost 90% below its peak, by July 8, 1932, at its intra-day low of 40.56, closing at 41.22. The high of 381.17 on September 3, 1929, would not be surpassed until 1954, in inflation-adjusted numbers. However, the bottom of the 1929 Crash came just 2 1/2 months later on November 13, 1929, when intra-day it was at the 195.35 level, closing slightly higher at 198.69.^[9]
• Marked by global instability, the 1930s contended with consequential European and Asian outbreaks of war, leading up to catastrophic World War II, including the Spanish Civil War, the Second Italo-Abyssinian War, the Soviet-Japanese Border War and the Second Sino-Japanese War. On top of that, the U.S. was still dealing with the aftermath of the Great Depression. The largest one-day percentage gain in the index, 15.34%, happened on March 15, 1933, in the depths of the 1930s bear market. However, as a whole, it's not surprising the Dow posted some of its worst performance for a negative return. For the decade, the average was down from around the 286 level to 148, a loss of about 48%.
• Post-war reconstruction during the 1940s, along with renewed optimism of peace and prosperity, brought about a 39% surge in the Dow from around the 148 level to 206. The strength in the Dow occurred despite other global conflicts which started a short time later including the Chinese Civil War, the Greek Civil War, the Indo-Pakistani War of 1947 and the 1948 Arab-Israeli War.
• During the 1950s, the Korean War, the Algerian War, the Cold War and other political tensions such as the Cuban Revolution, as well as widespread political and economic changes in Africa during the initial stages of European Decolonization, did not stop the Dow's bullish climb higher. An astounding 200% increase in the average from a level of 206 to 616 ensued over the course of that decade.
• The Dow's bullish behavior began to stall during the 1960s as the U.S. became entangled with foreign political issues such as the Bay of Pigs Invasion involving Cuba, the Vietnam War, the Portuguese Colonial War, the Colombian Civil War which the U.S. assisted with short-lived counter-guerrilla campaigns and domestic issues such as the Civil Rights Movement. For the decade though, the average still managed a respectable 30% gain from the 616 level to 800.
• On November 14, 1972 the average closed above the 1,000 mark (1,003.16) for the first time, during a relatively brief rally in the midst of a lengthy bear market.
• Between January of 1973 and December of 1974, the average lost 48% of its value in what became known as the 1973-1974 Stock Market Crash. The situation was exacerbated following the events surrounding the Yom Kippur War and the 1973 Oil Crisis which followed it soon after. And although the Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution in 1979. However, other notable disturbances such as the Lebanese Civil War, the Ethiopian Civil War, the Indo-Pakistani War of 1971 and the Angolan Civil War which the U.S. and Soviet Union considered critical to the global balance of power, seemed to have had little influence towards the financial markets. Performance wise for the 1970s; gains remained virtually flat, rising less than 5% from about the 800 level to 838.

The 1980s and especially the 1990s saw a very rapid increase in the average, though severe corrections did occur along the way.

• The largest one-day percentage drop occurred on Black Monday; October 19, 1987, when the average fell 22.61%. However, for the rest of the 1980s, the Dow made a profound 228% increase from the 838 level to 2,753; despite the Market Crash and other political distractions such as the Soviet War in Afghanistan, the Falklands War, the Iran-Iraq War, the Second Sudanese Civil War and the First Intifada in the Middle East.
• The 1990s brought on rapid advances in technology along with the introduction of the dot-com era. Certain influential foreign conflicts such as the 1991 Soviet coup d'état attempt, the First and Second Chechen Wars, the Persian Gulf War and the Yugoslav Wars failed to dampen economic enthusiasm surrounding the ongoing Digital Revolution and the "Irrational Exuberance" (a phrase coined by Alan Greenspan) of the Internet Boom. The occurrences of the Rwandan Genocide massacre and the Second Congo War, which was termed as "Africa's World War" that involved eight separate African nations; didn't seem to have any noticeable financial impact on the Dow either. On November 21, 1995 the DJIA closed above the 5,000 level (5,023.55) for the first time.
• On March 29, 1999, the average closed above the 10,000 mark (10,006.78) after flirting with it for two weeks. This prompted a celebration on the trading floor, complete with party hats. The scene at the exchange made front page headlines on many U.S. newspapers such as The New York Times.
• On May 3, 1999, the Dow achieved its first close above 11,000 (11,014.70). Total gains for the decade exceeded 315%; from the 2,753 level to 11,497.

The uncertainty of the 2000s brought a significant bear market, characterized first by extreme fear on the part of newer investors, then by indecision on whether the following cyclical bull market represented a prolonged temporary bounce or a new long-term trend. Ultimately, there was widespread resignation and disappointment as the lows were revisited, and in some cases, surpassed near the end of the decade.

• On January 14, 2000, the DJIA reached a record high of 11,750.28 in trading before settling at a record closing price of 11,722.98. These two records would not be broken until October 3, 2006.
• The third largest one-day point drop in DJIA history, and largest at the time, occurred on September 17, 2001, the first day of trading after the September 11, 2001 attacks, when the Dow fell 684.81 points, or 7.1%. By the end of that week, the Dow had fallen 1,369.70 points, or 14.3%. A recovery attempt allowed the average to close above the 10,000 level for the year.
• By mid-2002, the average retreated to its 1998 mark around the 8,000 level.
• On October 9, 2002, the DJIA bottomed out at 7,286.27 (intra-day low 7,197.49 on Oct. 10, 2002), its lowest close since October 1997.
• During 2003, the average remained subdued by the Early 2000s Recession, the Afghan War and by the 2003 Invasion of Iraq. But by December of that year, the Dow remarkably returned to the 10,000 level.
• On January 9, 2006 the average broke the 11,000 barrier for the first time since June 2001.
• In October 2006, four years after its bear market low, the DJIA set fresh record theoretical, intra-day, daily close, weekly, and monthly highs for the first time in almost seven years, closing above 12,000 for the first time on the 19th anniversary of Black Monday (1987).

• On February 27, 2007, the Dow Jones Industrial Average fell 3.3% (415.30 points), its biggest point drop since 2001. This move was part of a correction that eventually reached below the 12,000 level. It foreshadowed increased levels of volatility not seen since March 2003, including routine 1% moves and occasional moves of greater than 2% in a single session, which continued throughout the year. The initial drop was caused by a global sell-off after Chinese Stocks experienced a mini-crash, yet by April 25, the Dow passed 13,000 in trading and closed above that milestone for the first time.
• On July 19, 2007, the average passed the 14,000 level, completing the fastest 1,000-point advance for the index since 1999. One week later, a 450 point intra-day loss, owing to turbulence in the U.S. sub-prime mortgage market and the soaring value of the yuan,^[10][11] initiated another correction falling below the 13,000 mark, about 10% from its highs.
• On October 9, 2007, the Dow Jones Industrial Average closed at the record level of 14,164.53. In what would normally take many years to accomplish; numerous reasons were cited for the Dow's extremely rapid rise from the 11,000 level in early 2006, to the 14,000 level in late 2007. They included future possible takeovers and mergers, healthy earnings reports particularly in the tech sector, and moderate inflationary numbers; fueling speculation the Federal Reserve would not raise interest rates. Roughly on par with the 2000 record when adjusted for inflation, this represented the final high of the cyclical bull.
• On July 2, 2008, with record-high oil and gasoline prices well above $140 per barrel and almost $5 per gallon, the Dow Jones Industrial Average closed in bear market territory. Two weeks later, its subsequent close below the 11,000 mark for the first time since 2006 was followed by a 500-point rally that accompanied a three-day 15% correction in energy prices.
• The Russia–Georgia War in August of 2008, had minor implications in the financial world by briefly putting moderate pressure on petroleum prices, the Dow and stocks in general; due to a fear of a possible slowdown or stoppage in oil shipments. The Baku-Tbilisi-Ceyhan Pipeline, which runs through southern sections of Georgia; was considered a critical component in reducing the West's reliance on Middle Eastern oil by circumventing Russia and Iran.
• On September 15, 2008, a wider financial crisis became evident when Lehman Brothers filed for Chapter 11 bankruptcy. The DJIA lost more than 500 points for only the sixth time in history, returning to its mid-July lows below the 11,000 level. A series of "bailout" packages, including the Emergency Economic Stabilization Act of 2008, proposed and implemented by the Federal Reserve and U.S. Treasury, as well as FDIC-sponsored bank mergers, did not prevent further losses. After two months of extreme volatility, during which the Dow experienced its largest one day point loss, largest intra-day range (more than 1,000 points) and largest daily point gain, the index closed at a new six-year low of 7,552.29 on November 20. The market proceeded with a modest rise to close the year near the 9,000 level, still its worst annual performance since the early 1930s.
• Throughout February 2009, amidst further deterioration in the banking sector, grim economic news, and market doubts as to the effectiveness of further government intervention, the bear market entered another acute phase, as the DJIA methodically approached and surpassed its 2002-2003 lows. It closed the month just above the 7,000 level, a nominal loss of half its peak value. On March 2, 2009, due to more bad news from AIG and the promise of another bailout for the insurance company, the DJIA dropped below 7,000 for the first time since 1997. By March 9, 2009, the DJIA reached a closing low at 6,547.05 (after an intra-day low of 6,469.95^[12] during the March 6 session), its lowest close since April 1997, and had lost 20% of its value in only six weeks. In the subsequent three months, the average gained an impressive 34% to a June 12, 2009 close of 8799.26 amid optimism that the Late-2000s Recession, the United States Housing Bubble and the Global Financial Crisis of 2008, were easing and possibly coming to an end.

[edit] Investing

Investing in the DJIA is made widely accessible within Equities through Exchange Traded Funds (ETFs) as well as in Derivatives through Options Contracts and Futures Contracts.

Within the equities world, Asset Manager SSgA State Street Global Advisors, offers a family of ETFs the SPDRs; one of which attempts to match the daily performance of the index, the Dow Diamonds, introduced in 1998 NYSE: DIA. Another asset management firm, ProFunds, offers other related DJIA ETFs through ProShares such as the 2x NYSE: DDM, which attempts to match the daily performance of the DJIA by 200% and the inverse 2x NYSE: DXD, which attempts to match the inverse daily performance by 200%. ProFunds also issues inverse performance NYSE: DOG for a bearish strategy on the average. Inverse and 2x performance ETFs tied to the DJIA allow an investor to benefit from having a bearish strategy on the average without Selling Short, or in the case of 2x performance, increases the buying power by leveraging money without using Margin. Of course, short selling and buying as well as shorting on margin, are allowed and not discouraged. In regard to using margin on a 2x performance ETF, that would result in leveraging an investment by 400%. Although it may substantially increase the profit on an investment, it would however also expose an investor to a potential loss risk four times as great and possibly result in a Margin Call four times as fast. Currently, there are also 3x performance ETFs that exist too; such as those offered by asset manager Direxion through Direxionshares in conjunction with such indices as the Russell 2000 Index. However, there are no ETFs as of yet that attempt to replicate 3x performance (300% leverage) or (600% leverage by applying margin), against the average. The introduction of 3x performance ETFs in connection with the DJIA may change in the future with further interest and demand from the investing public.

In the derivatives market, the Chicago Mercantile Exchange (CME) along with its subsidiary the Chicago Board of Trade (CBOT), offer Futures Contracts that track the average and trade on their exchange floors respectively. Trading is typically carried out in an Open Outcry auction, or over an electronic network such as CME's Globex platform. Additionally, the Chicago Board Options Exchange (CBOE) offers Options Contracts on the DJIA as well as DJIA ETFs, inverse ETFs and leveraged ETFs.

[edit] Calculation

To calculate the DJIA, the sum of the prices of all 30 stocks is divided by a Divisor, the Dow Divisor. The divisor is adjusted in case of stock splits, spinoffs or similar structural changes, to ensure that such events do not in themselves alter the numerical value of the DJIA. Early on, the initial divisor was composed of the original number of component companies; which made the DJIA at first, a simple arithmetic average. The present divisor, after many adjustments, is less than one (meaning the index is actually larger than the sum of the prices of the components). That is:

where p are the prices of the component stocks and d is the Dow Divisor.

Events like stock splits or changes in the list of the companies composing the index alter the sum of the component prices. In these cases, in order to avoid discontinuity in the index, the Dow Divisor is updated so that the quotations right before and after the event coincide:

The Dow Divisor is currently 0.132319125.^[13][14] Presently, every $1 change in price in a particular stock within the average, equates to a 7.56 point movement.

[edit] Criticism

With the current inclusion of only 30 stocks, critics like Ric Edelman argue that the DJIA is not a very accurate representation of overall market performance; even though it is the most cited and most widely recognized of the stock market indices.^[15][16]

Additionally, the DJIA is criticized for being a price-weighted average, which gives relatively higher-priced stocks more influence over the average than their lower-priced counterparts, but takes no account of the relative industry size or market capitalization of the components. For example, a $1 increase in a lower-priced stock can be negated by a $1 decrease in a much higher-priced stock, even though the lower-priced stock experienced a larger percentage change. In addition, a $1 move in the smallest component of the DJIA has the same effect as a $1 move in the largest component of the average. As of June 2009, IBM and Exxon Mobil are among the highest priced stocks in the average and therefore have the greatest influence on it. Alternatively, Alcoa and General Electric are among the lowest priced stocks in the average and have the least sway in the price movement. Many critics of the DJIA recommend the float-adjusted market-value weighted S&P 500 or the Wilshire 5000, the latter of which includes all U.S. equity securities, as better indicators of the U.S. stock market.

Another issue with the Dow is that not all 30 components open at the same time in the morning. On the days when not all the components open at the start, the posted opening price of the Dow is determined by the price of those few components that open first and the previous day's closing price of the remaining components that haven't opened yet. On those days, the posted opening price on the Dow will be close to the previous day's closing price, and will not accurately reflect the true opening prices of all its components. Thus, in terms of candlestick charting theory, the Dow's posted opening price cannot be used in determining the positive or negative direction of the market.

[edit] See also

• Historical components of the Dow Jones Industrial Average
• Closing milestones of the Dow Jones Industrial Average
• List of largest daily changes in the Dow Jones Industrial Average
• Dow Jones Utility Average
• Dow Jones Composite Average
• Dow Jones Transportation Average
• Dow Jones Wilshire 5000 Total Market Index
• The Global Dow
• Charles Dow
• Dow Theory
• Dow Divisor
• Dow Jones Indexes
• Dow Jones & Company
• The Wall Street Journal
• News Corporation
• NASDAQ
• NYSE
• CBOE
• CBOT
• CME

[edit] References

[edit] External links

• Dow Jones Indexes Website

[edit] Performance

• Chart of DJIA performance (1928–present) — Linear scale, from Yahoo! Finance
• Chart of DJIA performance (1928–present) — Logarithmic scale, from Yahoo! Finance
• Listing of quotes for all DJIA components, from Yahoo! Finance

v • d • e Dow Jones Industrial Average components Current 3M · Alcoa · American Express · AT&T · Bank of America · Boeing · Caterpillar · Chevron · Cisco Systems · The Coca-Cola Company · DuPont · ExxonMobil · General Electric · Hewlett-Packard · The Home Depot · Intel · IBM · Johnson & Johnson · JPMorgan Chase · Kraft Foods · McDonald's · Merck & Co. · Microsoft · Pfizer · Procter & Gamble · The Travelers Companies · United Technologies Corporation · Verizon Communications · Wal-Mart · The Walt Disney Company Selected former Altria Group · American International Group · American Telephone & Telegraph · American Tobacco Company · Bethlehem Steel · Citigroup · Colorado Fuel and Iron · Eastman Kodak · General Foods · General Motors · Goodyear Tire and Rubber Company · Honeywell · International Paper · Johns-Manville · Nash Motors · Navistar International · North American Company · Owens-Illinois · Sears, Roebuck and Company · Union Carbide · United States Rubber Company · F. W. Woolworth Company

v • d • e Major United States stock market indices Dow Jones Industrial Average (30 large stocks; popular indicator) · NYSE Composite Index (all companies on the NYSE) · Nasdaq Composite Index (all companies on the NASDAQ; technology-heavy) · NASDAQ-100 Index (100 large NASDAQ non-financial stocks) · S&P 500 Index (500 large companies; general market analysis) · Russell 2000 Index (small-cap stocks) · Wilshire 5000 Index (total U.S. market)

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