The Dow Jones Industrial Average Re-Reexamined
1979; Taylor & Francis; Volume: 35; Issue: 6 Linguagem: Inglês
10.2469/faj.v35.n6.23
ISSN1938-3312
AutoresHartman L. Butler, Jeffrey Allen,
Tópico(s)Market Dynamics and Volatility
Resumo* The Dow Jones Industrial Average, which started with 12 stocks in 1897, is the oldest continuous price index of the U.S. stock market. By the turn of the century, the DJIA included American Cotton Oil, Chicago Gas, Distilling and Cattle Feeding, and U.S. Leather. In 1928, the index was expanded to its present size of 30 stocks. Fifteen of these stocks still survive in the index, although in many cases the companies have changed their names. The original 30 stocks were heavily concentrated in automotive issues like General Motors, Chrysler, Mack Trucks and Nash Motors. A 1953 Financial Analysts Joumal article by Butler and Decker recommended that the index be broadened to include three important industries as yet unrepresented -
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