Closing milestones of the Dow Jones Industrial Average
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This article is a summary of the closing milestones of the Dow Jones Industrial Average, the best-known stock market index in the world. Since opening at 40.94 on May 26, 1896, the Dow Jones Industrial Average has grown impressively with several relatively brief periods of decline.
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[edit] Milestone Highs and Lows
Like most other stock market indices, the Dow undergoes periods of general increase and general declines or stagnation. A bull market is a term denoting a period of price increases, while a bear market denotes a period of declines. Wall Street generally considers a bear market in session when the main stock market index is more than 20 percent below its all-time high. For the Dow in late 2006, that level is approximately 9,875 points.
There are two types of bull markets. A secular bull market is a period in which the stock market index is continually reaching all-time highs with only brief periods of correction, as during the 1990s, and can last upwards of 15 years. A cyclical bull market is a period in which the stock market index is reaching 52-week or multi-year highs and may briefly peak at all-time highs before a rapid decline, as in the early 1970s. It usually occurs within relatively longer bear markets and lasts about three years.
The following are the secular bull and bear markets experienced by the Dow since its inception:
- 1896 – 1929: Bull market. In the summer of 1896 the Dow sheds 30% to set an all-time low of 28.48, but quickly erases its losses, and eventually grows to a closing high of 381.17 (theoretical intra-day high of 386.1) on September 3, 1929.
- 1930 – 1948: Bear market. The stock market crash of 1929 precedes the Great Depression. The Dow plunges to 41.22 (theoretical intra-day low of 40.56) on July 8, 1932, thus erasing 36 years of gains. From here, the index would take 22 years to surpass its previous highs.
- 1949 – 1966: Bull market. The Dow posts impressive growth in the booming economy following the Second World War . Starting from about 150 in June 1949, when P/E ratios reach multi-decade lows, the index ends just five points below 1,000 on February 9, 1966.
- 1967 – 1982: Bear market. Traders deal with a stagnant economy in an inflationary monetary environment. The Dow enters two long downturns in 1970 and 1974; during the latter, it falls nearly 45% to the bottom of a 20-year range. The index approaches the 1,000 milestone at the top of its range three times in 1972, 1976 and 1981, but fails to break the mark decisively.
- 1982 – 2000: Bull market. The Dow experiences its most spectacular rise in history. From a meager 777 on August 12, 1982, the index grows more than 1,500% to 11,722.98 (actual and theoretical intra-day highs of 11,750.28 and 11,908.50) by January 14, 2000.
- 2000 - undetermined: Bear market. The Dow struggles with the 10,000 - 11,000 range for a year and then deteriorates into a panic atmosphere of severe declines punctuated by brief and violent rallies. The index hits a closing low of 7,286.27 (actual and theoretical intra-day lows of 7,197.49 and 7,181.47 the following day), 38% below its highs, on October 9, 2002. The records of early 2000 stood until the fourth quarter of 2006.
On October 3, 2006, the Dow achieved new record closing and intra-day highs for the first time in nearly seven years. Later that month, the index closed above 12,000 for the first time (October 19), and stayed above the milestone to set record weekly (October 27) and monthly (October 31) closing levels. While some experts might consider concurrent record highs in the near future on the DJIA and the Dow Jones Transportation Average as Dow Theory confirmation that the bear market ended in 2002, the depressed state of the technology market compared with 2000 may leave that a matter of dispute. It is notable, however, that both the tech-laden NASDAQ Composite and the broader S&P 500, while not yet at all-time highs, both achieved six-year monthly closing highs concurrently with the DJIA on November 30, 2006.
[edit] Incremental Closing Milestones
The following is a list of the milestone closing levels of the Dow Jones Industrial Average, in 100-point increments.
[edit] The first bull market (1896-1929)
| Milestone | Closing Level | Date |
|---|---|---|
| 100 | 100.25 | January 12, 1906 |
| 200 | 200.93 | December 19, 1927 |
| 300 | 300.00 | December 31, 1928 |
[edit] The post-World War II boom (1949-1966)
| Milestone | Closing Level | Date |
|---|---|---|
| 381.171 | 382.74 | November 23, 1954 |
| 400 | 401.97 | December 28, 1954 |
| 500 | 500.24 | March 12, 1956 |
| 600 | 602.21 | February 20, 1959 |
| 700 | 705.52 | May 17, 1961 |
| 800 | 800.14 | February 28, 1964 |
| 900 | 900.95 | January 28, 1965 |
1This was the Dow's close at the peak of the 1929 bull market, a level that the Dow would not see again for 25 years.
[edit] The 1970s bear market (1967-1982)
| Milestone | Closing Level | Date |
|---|---|---|
| 1000 | 1,003.16 | November 14, 1972 |
[edit] The 1980s bull market (1982-1987)
| Milestone | Closing Level | Date |
|---|---|---|
| 1100 | 1,121.81 | February 24, 1983 |
| 1200 | 1,209.46 | April 26, 1983 |
| 1300 | 1,304.88 | May 20, 1985 |
| 1400 | 1,403.44 | November 6, 1985 |
| 1500 | 1,511.70 | December 11, 1985 |
| 1600 | 1,600.69 | February 6, 1986 |
| 1700 | 1,713.99 | February 27, 1986 |
| 1800 | 1,804.24 | March 20, 1986 |
| 1900 | 1,903.54 | July 1, 1986 |
| 2000 | 2,002.25 | January 8, 1987 |
| 2100 | 2,102.50 | January 19, 1987 |
| 2200 | 2,201.49 | February 5, 1987 |
| 2300 | 2,333.52 | March 20, 1987 |
| 2400 | 2,405.54 | April 6, 1987 |
| 2500 | 2,510.04 | July 17, 1987 |
| 2600 | 2,635.84 | August 10, 1987 |
| 2700 | 2,700.57 | August 17, 1987 |
[edit] The 1990s Superbull (1990-2000)
| Milestone | Closing Level | Date |
|---|---|---|
| 2800 | 2,810.15 | January 2, 1990 |
| 2900 | 2,900.97 | June 1, 1990 |
| 3000 | 3,004.46 | April 17, 1991 |
| 3100 | 3,101.52 | December 27, 1991 |
| 3200 | 3,201.48 | January 3, 1992 |
| 3300 | 3,306.13 | April 14, 1992 |
| 3400 | 3,413.21 | June 1, 1992 |
| 3500 | 3,500.03 | May 19, 1993 |
| 3600 | 3,604.86 | August 18, 1993 |
| 3700 | 3,710.77 | November 16, 1993 |
| 3800 | 3,803.88 | January 6, 1994 |
| 3900 | 3,914.48 | January 21, 1994 |
| 4000 | 4,003.33 | February 23, 1995 |
| 4100 | 4,138.67 | March 24, 1995 |
| 4200 | 4,201.61 | April 4, 1995 |
| 4300 | 4,303.98 | April 24, 1995 |
| 4400 | 4,404.62 | May 10, 1995 |
| 4500 | 4,510.69 | June 16, 1995 |
| 4600 | 4,615.23 | July 5, 1995 |
| 4700 | 4,702.73 | July 7, 1995 |
| 4800 | 4,801.80 | September 14, 1995 |
| 4900 | 4,922.75 | November 15, 1995 |
| 5000 | 5,023.55 | November 21, 1995 |
| 5100 | 5,105.56 | November 29, 1995 |
| 5200 | 5,216.47 | December 13, 1995 |
| 5300 | 5,304.98 | January 29, 1996 |
| 5400 | 5,405.06 | February 1, 1996 |
| 5500 | 5,539.45 | February 8, 1996 |
| 5600 | 5,600.15 | February 12, 1996 |
| 5700 | 5,748.82 | May 20, 1996 |
| 5800 | 5,838.52 | September 13, 1996 |
| 5900 | 5,904.90 | October 1, 1996 |
| 6000 | 6,010.00 | October 14, 1996 |
| 6100 | 6,177.71 | November 6, 1996 |
| 6200 | 6,206.04 | November 7, 1996 |
| 6300 | 6,313.00 | November 14, 1996 |
| 6400 | 6,430.02 | November 20, 1996 |
| 6500 | 6,547.79 | November 25, 1996 |
| 6600 | 6,600.66 | January 7, 1997 |
| 6700 | 6,703.09 | January 10, 1997 |
| 6800 | 6,833.10 | January 17, 1997 |
| 6900 | 6,961.63 | February 12, 1997 |
| 7000 | 7,022.44 | February 13, 1997 |
| 7100 & 7200 | 7,214.49 | May 5, 1997 |
| 7300 | 7,333.55 | May 15, 1997 |
| 7400 | 7,435.78 | June 6, 1997 |
| 7500 | 7,539.27 | June 10, 1997 |
| 7600 & 7700 | 7,711.47 | June 12, 1997 |
| 7800 | 7,895.81 | July 3, 1997 |
| 7900 | 7,962.31 | July 8, 1997 |
| 8000 | 8,038.88 | July 16, 1997 |
| 8100 | 8,116.93 | July 24, 1997 |
| 8200 | 8,254.89 | July 30, 1997 |
| 8300 | 8,314.55 | February 11, 1998 |
| 8400 | 8,451.06 | February 18, 1998 |
| 8500 | 8,545.72 | February 27, 1998 |
| 8600 | 8,643.12 | March 10, 1998 |
| 8700 | 8,718.85 | March 16, 1998 |
| 8800 | 8,803.05 | March 19, 1998 |
| 8900 | 8,906.43 | March 20, 1998 |
| 9000 | 9,033.23 | April 6, 1998 |
| 9100 | 9,110.02 | April 14, 1998 |
| 9200 | 9,211.84 | May 13, 1998 |
| 9300 | 9,328.19 | July 16, 1998 |
| 9400 & 9500 | 9,544.87 | January 6, 1999 |
| 9600 | 9,643.37 | January 8, 1999 |
| 9700 | 9,736.08 | March 8, 1999 |
| 9800 | 9,897.44 | March 11, 1999 |
| 9900 | 9,958.77 | March 15, 1999 |
| 10000 | 10,006.78 | March 29, 1999 |
| 10100 | 10,197.70 | April 8, 1999 |
| 10200 & 10300 | 10,339.51 | April 12, 1999 |
| 10400 | 10,411.66 | April 14, 1999 |
| 10500 | 10,581.42 | April 21, 1999 |
| 10600 & 10700 | 10,727.18 | April 22, 1999 |
| 10800 | 10,831.71 | April 27, 1999 |
| 10900 & 11000 | 11,014.70 | May 3, 1999 |
| 11100 | 11,107.19 | May 13, 1999 |
| 11200 | 11,200.98 | July 12, 1999 |
| 11300 | 11,326.04 | August 25, 1999 |
| 11400 | 11,405.76 | December 23, 1999 |
| 11500 | 11,522.56 | January 7, 2000 |
| 11600 & 11700 | 11,722.98 | January 14, 2000 |
[edit] The 2000s dot-com bust aftermath (2002-Present)
| Milestone | Closing Level | Date |
|---|---|---|
| 11722.98 | 11,727.34 | October 3, 2006 |
| 11800 | 11,850.61 | October 4, 2006 |
| 11900 | 11,947.70 | October 12, 2006 |
| 12000 | 12,011.73 | October 19, 2006 |
| 12100 | 12,116.91 | October 23, 2006 |
| 12200 | 12,218.01 | November 14, 2006 |
| 12300 | 12,305.82 | November 16, 2006 |
[edit] Record Highs
- Closing: 12,342.56 (November 17, 2006)
- Intra-day Actual: 12,361.00 (November 22, 2006)
- Intra-day Theoretical: 12,409.31 (November 21, 2006)
