Milestones In The History Of The Dow Industrials

The Dow Jones Industrial Average .DJI fell 299.43 points, or 3.41 per cent, to 8487.31 on Tuesday - the weakest close since 8445.08 on March 5, 1998 and its third biggest one-day points loss. The Dow, the world's most widely watched stock market gauge, had its origins more than 100 years ago when an average of the closing prices of 11 stocks ran in the "Customers Afternoon Letter," a forerunner of the Wall Street Journal.

Following is a chronology of milestones in Dow's history

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

 

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

* 1896 - The first index composed entirely of industrial shares is introduced.

* Jan 12, 1906 - Index closes at 100.25, the first close above 100. President Theodore Roosevelt, a Republican, is in office. The New York Stock Exchange trades 260 million shares for the year.

* March 12, 1956 - First close over 500 at 500.24. Dwight Eisenhower, a Republican, is in the White House. Trading on the NYSE totals 766 million for the year.

* Nov 14, 1972 - Tops 1,000 to end at 1,003.16. President Richard Nixon, a Republican, is in office. The index reached 1,000 in early 1966 but retreated and closed below that milestone. The NYSE trades nearly three billion shares for all of 1972.

* Jan 8, 1987 - First close above 2,000 at 2,002.25. Republican President Ronald Reagan is in office.

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

* July 13, 1990 - Hits 3,000 for the first time but falls back to close at 2,980.20.

* July 16, 1990 - Closes at 2,999.75. Ends at the same level the next day.

* April 17, 1991 - Ends above 3,000 for the first time at 3,004.46. Republican George Bush is president, facing a severe budget deficit. Forty billion shares are traded on the NYSE for the year.

* Feb 23, 1995 - Ends above 4,000 for the first time at 4,003.33 amid euphoria that interest rates were peaking. Democrat Bill Clinton is in the White House.

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

* Oct 14, 1996 - Ends above 6,000 for the first time at 6,010.00, double where it stood just 5-1/2 years earlier. NYSE volume routinely exceeds two billion shares per week.

* Feb 13, 1997 - Ends above 7,000, taking just four months to add 1,000.

* July 16, 1997 - Ends above 8,000, capping a run that doubled the average in less than 2-1/2 years.

* Oct 27, 1997 - Unraveling of financial markets in Asia leads to global selloff. The Dow falls 554 points, or 7.2 per cent, to 7,161, its biggest single-day point setback. For the first time, curbs that were instituted after the 1987 crash, halt trading for 30 minutes after the Dow falls 350. After the Dow falls more than 550 points, trading is halted again for the final 30 minutes of trading.

* Oct 28, 1997 - Wall Street leads a global stock rebound. The Dow finishes up 337 points, or 4.7 per cent, at 7,498, its biggest single-day point gain. NYSE daily volume tops one billion shares for the first time, ending the day at 1.2 billion.

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

* August 4, 1998 - The Dow closes 299.43 points down or 3.41 per cent at 8487.31, its weakest close since 8445.08 on March 5, 1998 and the third biggest one-day points loss.