History of Dow Jones Industrial Average in Timeline

The Dow Jones Industrial Average (DJIA), often called the Dow, is a stock market index tracking 30 major publicly owned companies in the United States. These companies are chosen to be representative of the overall U.S. economy and its various sectors. Changes in the DJIA are often used as an indicator of the health of the stock market and the broader economy. While it was one of the oldest and most followed equity indices, modern indices with wider coverage are also used.

1901: Panic of 1901

In the 1900s, the Dow halted its momentum as it worked its way through the Panic of 1901.

1906: Dow Breaks 100

In 1906, the index broke 100 for the first time. The negativity surrounding the 1906 San Francisco earthquake did little to improve the economic climate.

1907: General Electric Re-added to DJIA

Between 1898 and 1907, General Electric was dropped and re-added twice to the DJIA.

1907: Panic of 1907

In the 1900s, the Dow halted its momentum as it worked its way through the Panic of 1907.

1910: Panic of 1910-1911

At the start of the 1910s, the Panic of 1910-1911 stifled economic growth.

1911: Panic of 1910-1911

At the start of the 1910s, the Panic of 1910-1911 stifled economic growth.

July 30, 1914: New York Stock Exchange Closure

On July 30, 1914, with the average at 71.42, the New York Stock Exchange closed and suspended trading for four and a half months due to concerns over the onset of World War I or to conserve U.S. gold stock.

December 12, 1914: Markets Reopen After Closure

On December 12, 1914, when the markets reopened, the index closed at 74.56, a gain of 4.4%.

1914: Dow Stuck in Range Until 1914

The Dow remained stuck in a range between 53 and 103 until late 1914.

1919: Dow's Performance at End of Decade

In 1919, the Dow added only 8.26%, from 99.05 at the beginning of 1910, to a level of 107.23 at the end of 1919.

1920: Start of Bull Run

From 1920 to late 1929, the Dow experienced a long bull run, rising from 73 to 381 points.

1921: Influence of the Depression of 1920-1921

The period from 1920 to 1929 downplayed the influence of the Depression of 1920-1921 and certain international conflicts.

1928: Dow Increased to 30 Stocks

In 1928, the components of the Dow were increased to 30 stocks near the economic height of that decade.

September 3, 1929: Dow's Peak Before Crash

On September 3, 1929, the Dow reached a peak of 381.17 before the 1929 crash.

November 13, 1929: Bottom of 1929 Crash

On November 13, 1929, the bottom of the 1929 crash came at 195.35 intraday, closing slightly higher at 198.69.

1930: Dow in the 1930s

In the 1930s, the Dow Jones average was down from 248.48 at the beginning of 1930, to a level of 150.24 at the end of 1939, a loss of about 40%.

July 8, 1932: Dow Closes at Low Point

On July 8, 1932, the Dow closed at 41.22, roughly two-thirds of its mid-1880s starting point and almost 90% below its peak.

March 15, 1933: Largest One-Day Percentage Gain

On March 15, 1933, the Dow gained 15.34% to close at 62.10, marking the largest one-day percentage gain in the index during the depths of the 1930s bear market.

1935: 1935-1936 Second Italo-Abyssinian War

The 1935-1936 Second Italo-Abyssinian War affected the stock market.

1936: 1936-1939 Spanish Civil War

The 1936-1939 Spanish Civil War affected the stock market.

1937: Second Sino-Japanese War of 1937

The Second Sino-Japanese War of 1937 affected the stock market.

1938: Recession of 1937-1938

The United States experienced the Recession of 1937-1938, which temporarily brought economic recovery to a halt.

1939: World War II in 1939

Marked by global instability and the Great Depression, the 1930s contended with the catastrophic World War II in 1939.

1949: Recession of 1949

Despite the Recession of 1949 and various global conflicts, post-war reconstruction brought about a 33% surge in the Dow during the 1940s.

1954: Inflation-Adjusted High Surpassed

In inflation-adjusted numbers, the high of 381.17 on September 3, 1929, was not surpassed until 1954.

1962: Kennedy Slide of 1962

The Dow began to stall during the 1960s as the markets trudged through the Kennedy Slide of 1962, but still managed an 18% gain.

November 4, 1972: NYSE's High Point

The nadir came after prices dropped more than 45% over two years since the NYSE's high point of 1,003.16 on November 4, 1972.

November 14, 1972: Dow Closes Above 1,000 for First Time

On November 14, 1972, the average closed at 1,003.16, above the 1,000 mark for the first time.

January 1973: Beginning of Stock Market Crash

Between January 1973 and December 1974, the average lost 48% of its value.

December 6, 1974: Average Loses 48% of Its Value

Between January 1973 and December 1974, the average lost 48% of its value, closing at 577.60 on December 6, 1974.

December 1974: Average Loses 48% of Its Value

Between January 1973 and December 1974, the average lost 48% of its value, closing at 577.60 on December 6, 1974.

1975: End of Vietnam War

Although the Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution.

1976: Index Reaches 1,000 Several Times

In 1976, the index reached 1,000 several times and it closed the year at 1,004.75.

1979: Iranian Revolution

In 1979, new tensions arose towards Iran surrounding the Iranian Revolution.

January 1980: Annualized Return in January 1980

Since January 1980, the DJIA returned an annualized 8.90%.

1981: Early 1980s Recession

In early 1981, the index broke above 1,000 several times, but then retreated. The 1980s began with the early 1980s recession.

1981: Negative Year in the 1980s

In the 1980s, the Dow increased 228%. The index had only two negative years in the 1980s: in 1981 and 1984.

1984: Negative Year in the 1980s

In the 1980s, the Dow increased 228%. The index had only two negative years in the 1980s: in 1981 and 1984.

January 1987: Dow Above 2,000

In January 1987, the index broke above 2,000.

October 19, 1987: Black Monday

On October 19, 1987, also known as Black Monday, the Dow Jones Industrial Average experienced its largest one-day percentage drop, falling 22.61%.

1987: DJIA Worst Quarter Since 1987

In the first quarter of 2020, the DJIA fell 23%, its worst quarter since 1987.

October 13, 1989: Friday the 13th Mini-Crash

On October 13, 1989, the Friday the 13th mini-crash resulted in a loss of almost 7% of the index in a single day and initiated the collapse of the junk bond market.

1989: Revolutions of 1989

In the 1990s, certain influential foreign conflicts such as the Revolutions of 1989 failed to dampen economic enthusiasm.

January 1990: Dow Soared from January 1990

The Dow soared from 2,753 between January 1990 to July 1997.

1990: 1990 Oil Price Shock and Recession

The 1990s brought rapid advances in technology along with the introduction of the dot-com era, with the markets contending with the 1990 oil price shock compounded with the effects of the early 1990s recession.

1991: 1991 Soviet Coup d'état Attempt

In the 1990s, certain influential foreign conflicts such as the 1991 Soviet coup d'état attempt failed to dampen economic enthusiasm.

1991: Changes to the DJIA since 1991

The text mentions changes to the DJIA since 1991.

1992: Dow Staggers Through 3,000 Level

Between late 1992 and early 1993, the Dow staggered through the 3,000 level making only modest gains as the biotechnology sector suffered through the downfall of the Biotech Bubble.

1993: Dow Staggers Through 3,000 Level

Between late 1992 and early 1993, the Dow staggered through the 3,000 level making only modest gains as the biotechnology sector suffered through the downfall of the Biotech Bubble.

April 1997: Dow's lowest close since April 1997

On March 9, 2009, the Dow closed at a new 12-year low of 6,547.05, its lowest close since April 1997.

July 1997: Dow Soared to July 1997

The Dow soared from 2,753 to 8,000 between January 1990 to July 1997.

October 1997: 1997 Asian Financial Crisis

In October 1997, the events surrounding the 1997 Asian financial crisis plunged the Dow into a 554-point loss.

October 27, 1997: October 27, 1997 Mini-Crash

On October 27, 1997, events surrounding the 1997 Asian financial crisis plunged the Dow into a 554-point loss to a close of 7,161.15; a retrenchment of 7.18% in what became known as the October 27, 1997 mini-crash.

1998: 1998 Russian Financial Crisis

In 1998, the Dow continued climbing past 9,000 despite negativity surrounding the 1998 Russian financial crisis along with the subsequent fallout from the 1998 collapse of Long-Term Capital Management.

March 29, 1999: Dow Closes Above 10,000

On March 29, 1999, the average closed at 10,006.78, its first close above 10,000, leading to a celebration on the New York Stock Exchange trading floor.

2000: Stock Market Downturn

Between 2000 and 2002, the NASDAQ index fell roughly 75% and the S&P 500 index fell roughly 50%, while the Dow only fell 27%.

September 17, 2001: Dow Falls After 9/11 Attacks

On September 17, 2001, the first day of trading after the September 11 attacks on the United States, the Dow fell 7.1%, but it regained lost ground and closed above 10,000 for the year.

September 24, 2002: Dow Drops to Four-Year Low

On September 24, 2002, the Dow dropped to a four-year low of 7,286 due to the stock market downturn and lingering effects of the dot-com bubble.

2003: Dow Recovers to 10,000

In 2003, the Dow held steady within the 7,000 to 9,000-point level and recovered to the 10,000 mark by year end.

October 11, 2007: Dow Reaches Record High

On October 11, 2007, the Dow reached a record high of 14,198.10, a mark which was not matched until March 2013.

2007: Previous High in 2007

In 2007, the Dow reached a previous high before experiencing fluctuations in subsequent years.

September 15, 2008: Lehman Brothers Bankruptcy and Financial Crisis

On September 15, 2008, a wider financial crisis became evident after the Bankruptcy of Lehman Brothers along with the economic effect of record high oil prices. The Dow lost more than 500 points for the day.

October 2008: AIG Stock Collapse During September-October 2008

During September-October 2008, AIG's stock price collapsed, contributing to a roughly 3,000-point drop in the Dow Jones Industrial Average.

October 2008: Bear Market Symptom in October 2008

In October 2008, the Dow showed a typical symptom of a bear market during the 2008 financial crisis.

2008: 2008 Financial Crisis

In 2008, the Dow dropped over the next year due to the 2008 financial crisis.

2008: Great Recession

Towards the latter half of 2009, the average rallied towards the 10,000 level amid optimism that the Great Recession, the United States housing bubble and the 2008 financial crisis, were easing and possibly coming to an end.

March 9, 2009: Dow Closes at 12-Year Low

On March 9, 2009, the Dow closed at a new 12-year low of 6,547.05, its lowest close since April 1997, having lost 20% of its value in just six weeks.

2009: Global Concerns and Volatility

In 2009, the Dow experienced significant volatility due to growing global concerns, including the Dubai World debt standstill.

2009: Average Rallied Towards 10,000 Level

May 6, 2010: 2010 Flash Crash

On May 6, 2010, the Dow Jones Industrial Average experienced a flash crash, losing 9.2% intra-day before regaining nearly all of it within a single hour; this event led to new regulations to prevent future incidents.

2011: US Debt-Ceiling Crisis

In 2011, the Dow experienced significant volatility due to the United States debt-ceiling crisis.

March 5, 2013: New Record High on March 5, 2013

On March 5, 2013, the Dow closed at a new record high, six years after its previous high in 2007, and continued to rise in the following years.

March 2013: Dow Matches Record High

On October 11, 2007, the Dow reached a record high of 14,198.10, a mark which was not matched until March 2013.

2015: 2015 Stock Market Selloff

In the second half of 2015, the Dow experienced a brief stock market selloff.

November 9, 2016: Post-Election Index Surge on November 9, 2016

On November 9, 2016, the day after Donald Trump's victory in the U.S. presidential election, the Dow Jones Industrial Average soared, nearing its all-time intraday high.

2016: Market Recovery in 2016

In early 2016, the Dow picked up again after a selloff in 2015 and continued to climb.

January 4, 2018: Dow Climbs Past 25,000 Points on January 4, 2018

On January 4, 2018, the Dow Jones Industrial Average climbed past 25,000 points.

2018: General Electric Dropped from DJIA

In 2018, General Electric's run in the DJIA ended after being a component since the original index in 1896.

2018: Volatility Returned in 2018

In 2018, the Dow Jones Industrial Average experienced a period of volatility, falling nearly 20%.

January 2019: Index Rally in January 2019

By early January 2019, the Dow Jones Industrial Average had rallied more than 10% from its Christmas Eve low.

February 12, 2020: Peak at 29,551.42 on February 12, 2020

On February 12, 2020, the Dow Jones Industrial Average peaked at 29,551.42 (29,568.57 intraday on the same day).

October 12, 2020: Market Recovered on October 12, 2020

On October 12, 2020, the Dow Jones Industrial Average recovered to 28,837.52.

November 9, 2020: New All-Time High on November 9, 2020

On November 9, 2020, the Dow Jones Industrial Average peaked momentarily at a new all-time high of 29,675.25 at 14:00 ET, following the announcement of the success of the Pfizer–BioNTech COVID-19 vaccine in Phase III clinical trials.

December 31, 2020: Dow Closed Over 30,000 on December 31, 2020

On December 31, 2020, the Dow Jones Industrial Average closed over 30,000 at a record 30,606.48.

November 2023: Annualized Return in November 2023

Until November 2023, the DJIA returned an annualized 8.90%.

January 22, 2024: Dow Jones Crosses 38,000 Points on January 22, 2024

On January 22, 2024, the Dow Jones crossed 38,000 points for the first time.

November 8, 2024: Changes to the DJIA Components

As of November 8, 2024, the components of the DJIA have changed 59 times since its inception. General Electric had the longest presence on the index.

March 2025: Goldman Sachs Largest Component

As of March 2025, Goldman Sachs, with a market capitalization of ~$167B, was the largest component of the DJIA, while Apple's market capitalization was ~$3.3T but not in the top 10 components.

May 29, 2025: Dow Jones Industrial Average Composition

As of May 29, 2025, the Dow Jones Industrial Average consisted of a specific set of companies, each with its own weighting in the index.

October 30, 2025: Dow Divisor Since October 30, 2025

Since October 30, 2025, the Dow Divisor is 0.16242563904928, and every $1 change in price in a stock equates to a 6.156663 point movement.

November 2025: Index Value Calculation

In November 2025, the value of the DJIA is calculated by summing the stock prices of its constituent companies and dividing by a factor of approximately 0.162. This factor is adjusted during stock splits to maintain index value continuity.

December 2099: Warren Buffett Prediction

The Dow averaged a 5.3% return compounded annually for the 20th century, and Warren Buffett predicted that to achieve that return again, the index would need to close at about 2,000,000 by December 2099.