Dow Jones Industrial Average

Dow Jones Industrial Average
A historical graph. The Dow rises periodically through the decades with corrections along the way, from its record low of under 35 in the late 1890s to a high of around 36,000 in 2022.
Historical logarithmic graph of the DJIA from 1896 to 2018
FoundationFebruary 16, 1885; 139 years ago (as DJA) May 26, 1896 (as DJIA)
OperatorS&P Dow Jones Indices
Exchanges
  • New York Stock Exchange
  • Nasdaq
Trading symbol
  • ^DJI
  • $INDU
  • .DJI
  • DJIA
Constituents30
TypeLarge cap
Market capUS$12.0 trillion (as of December 29, 2023)
Weighting methodPrice-weighted index
Websiteus.spindices.com/indices/equity/dow-jones-industrial-average
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (/ˈd/), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. Many professionals consider it to be an inadequate representation of the overall U.S. stock market compared to a broader market index such as the S&P 500. The DJIA includes only 30 large companies. It is price-weighted, unlike stock indices, which use market capitalization. Furthermore, the DJIA does not use a weighted arithmetic mean. The value of the index can also be calculated as the sum of the stock prices of the companies included in the index, divided by a factor, which is approximately 0.152 as of April 2024. The factor is changed whenever a constituent company undergoes a stock split so that the value of the index is unaffected by the stock split. First calculated on May 26, 1896, the index is the second-oldest among U.S. market indices, after the Dow Jones Transportation Average. It was created by Charles Dow, co-founder of both The Wall Street Journal and the Dow Jones & Company, and named after him and his business associate, statistician Edward Jones. The index is maintained by S&P Dow Jones Indices, an entity majority-owned by S&P Global. Its components are selected by a committee. The ten components with the largest dividend yields are commonly referred to as the Dogs of the Dow. As with all stock prices, the prices of the constituent stocks and consequently the value of the index itself are affected by the performance of the respective companies as well as macroeconomic factors.
Dow Jones Industrial Average 1970–2022

Components

As of February 26, 2024, the Dow Jones Industrial Average consists of the following companies, with a weighting as shown:
DJIA component companies, showing trading exchange, ticker symbols and industry
CompanyExchangeSymbolIndustryDate addedNotesIndex weighting
3MNYSEMMMConglomerate1976-08-09As Minnesota Mining and Manufacturing1.54%
American ExpressNYSEAXPFinancial services1982-08-303.64%
AmgenNASDAQAMGNBiopharmaceutical2020-08-314.80%
AmazonNASDAQAMZNRetailing2024-02-262.93%
AppleNASDAQAAPLInformation technology2015-03-193.04%
BoeingNYSEBAAerospace and defense1987-03-123.36%
CaterpillarNYSECATConstruction and mining1991-05-065.45%
ChevronNYSECVXPetroleum industry2008-02-19Also 1930-07-18 to 1999-11-012.59%
CiscoNASDAQCSCOInformation technology2009-06-080.81%
Coca-ColaNYSEKODrink industry1987-03-12Also 1932-05-26 to 1935-11-201.02%
DisneyNYSEDISBroadcasting and entertainment1991-05-061.81%
DowNYSEDOWChemical industry1991-05-060.94%
Goldman SachsNYSEGSFinancial services2019-04-026.54%
Home DepotNYSEHDHome Improvement1999-11-016.23%
HoneywellNASDAQHONConglomerate2020-08-31AlliedSignal and Honeywell3.34%
IBMNYSEIBMInformation technology1979-06-29Also 1932-05-26 to 1939-03-043.09%
IntelNASDAQINTCSemiconductor industry1999-11-010.72%
Johnson & JohnsonNYSEJNJPharmaceutical industry1997-03-172.70%
JPMorgan ChaseNYSEJPMFinancial services1991-05-063.07%
McDonald’sNYSEMCDFood industry1985-10-304.98%
MerckNYSEMRKPharmaceutical industry1979-06-292.16%
MicrosoftNASDAQMSFTInformation technology1999-11-016.83%
NikeNYSENKEClothing industry2013-09-201.75%
Procter & GambleNYSEPGFast-moving consumer goods1932-05-262.69%
SalesforceNYSECRMInformation technology2020-08-315.04%
TravelersNYSETRVInsurance2009-06-083.69%
UnitedHealth GroupNYSEUNHManaged health care2012-09-248.81%
VerizonNYSEVZTelecommunications industry2004-04-080.67%
VisaNYSEVFinancial services2013-09-204.76%
WalmartNYSEWMTRetailing1997-03-171.00%

Former components

As of February 26, 2024, the components of the DJIA have changed 58 times since its beginning on May 26, 1896. General Electric had the longest continuous presence on the index, beginning in the original index in 1896 and ending in 2018. Changes to the index since 1991 are as follows:
  • On May 6, 1991, Caterpillar Inc., J.P. Morgan & Co., and The Walt Disney Company replaced American Can, Navistar, and U.S. Steel.
  • On March 17, 1997, Travelers Inc., Hewlett-Packard, Johnson & Johnson, and Walmart replaced Westinghouse Electric, Texaco, Bethlehem Steel, and F. W. Woolworth Company.
  • On November 1, 1999, Microsoft, Intel, SBC Communications, and Home Depot replaced Goodyear Tire, Sears Roebuck, Union Carbide, and Chevron Corporation. Intel and Microsoft became the first and second companies traded on the Nasdaq to be part of the Dow.
  • On April 8, 2004, American International Group, Pfizer, and Verizon Communications replaced AT&T Corporation, Kodak, and International Paper.
  • On February 19, 2008, Chevron Corporation and Bank of America replaced Altria Group and Honeywell. Chevron was previously a Dow component from July 18, 1930, to November 1, 1999. During Chevron’s absence, its split-adjusted price per share went from $44 to $85, while the price of petroleum rose from $24 to $100 per barrel.
  • On September 22, 2008, Kraft Foods Inc. replaced American International Group (AIG) in the index.
  • On June 8, 2009, The Travelers Companies and Cisco Systems replaced Motors Liquidation Company (formerly General Motors) and Citigroup. Cisco became the third company traded on the NASDAQ to be part of the Dow.
  • On September 24, 2012, UnitedHealth Group replaced Kraft Foods Inc. following Kraft’s split into Mondelez International and Kraft Foods.
  • On September 20, 2013, Goldman Sachs, Nike, Inc., and Visa Inc. replaced Alcoa, Bank of America, and Hewlett-Packard. Visa replaced Hewlett-Packard because of the split into HP Inc. and Hewlett Packard Enterprise.
  • On March 19, 2015, Apple Inc. replaced AT&T, which had been a component of the DJIA since November 1916. Apple became the fourth company traded on the NASDAQ to be part of the Dow.
  • On September 1, 2017, DowDuPont replaced DuPont. DowDuPont was formed by the merger of Dow Chemical Company with DuPont.
  • On June 26, 2018, Walgreens Boots Alliance replaced General Electric, which had been a component of the DJIA since November 1907, after being part of the inaugural index in May 1896 and much of the 1896 to 1907 period.
  • On April 2, 2019, Dow Inc. replaced DowDuPont. Dow, Inc. is a spin-off of DowDuPont, itself a merger of Dow Chemical Company and DuPont.
  • On April 6, 2020, Raytheon Technologies replaced United Technologies. Raytheon is the name of the combination of United Technologies and the Raytheon Company, which merged as of April 3, 2020. The newly combined conglomerate does not include previous subsidiaries Carrier Global or Otis Worldwide.
  • On August 31, 2020, Amgen, Honeywell, and Salesforce.com replaced ExxonMobil, Pfizer, and Raytheon Technologies.
  • On February 26, 2024, Amazon replaced Walgreens Boots Alliance.
LIFE Magazine June 5, 1970

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