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 increased steadily, despite several periods of decline.

Contents 1 Milestone Highs and Lows 2 Incremental Closing Milestones 3 Record Highs 4 See also 5 External links

[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.

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: Superbull 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, with the exception of a slight turndown in the late 1980s.
• 2000 - 2003: 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 stand until the fourth quarter of 2006.
• 2003 - present: Bull market. Beginning around the time of the U.S. intervention in Iraq, a rise in oil prices, metal appreciation, growth in China, a real estate boom, and the initiative for environmentally friendly business plans allow the market to rebound from below 9,000 on the Dow to above 14,000. However, much of the impetus for this growth has come from outside the United States, with foreign investors taking advantage of the weak US dollar. While a cyclical bull market had been widely recognized since 2003, the Dow Theory case for a secular bull market comes from concurrent record highs for the Industrials, Dow Jones Transportation Average, and the Dow Jones Utilities taking place on February 14, 2007 for the first time since March 17, 1998. The Industrials and the Transports (but not the Utilities) again closed at concurrent record highs, along with broad market indices such as the S&P 500, on June 1, 2007. By the common definition, a sustained fall to below 11,200 would indicate a renewed secular bear market. As of February 28, 2008, the average closed at 12,582.

[edit] Incremental Closing Milestones

The following is a list of the milestone closing levels of the Dow Jones Industrial Average, in 100-point increments.

Milestone	Closing Level	Date first achieved
The first bull market (1896-1929)
100	100.25	January 12, 1906
200	200.93	December 19, 1927
300	300.00	December 31, 1928
The post-World War II boom (1949-1966)
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
The 1970s bear market (1967-1982)
1,000	1,003.16	November 14, 1972
The 1980s bull market (1982-1987)
1,100	1,121.81	February 24, 1983
1,200	1,209.46	April 26, 1983
1,300	1,304.88	May 20, 1985
1,400	1,403.44	November 6, 1985
1,500	1,511.70	December 11, 1985
1,600	1,600.69	February 6, 1986
1,700	1,713.99	February 27, 1986
1,800	1,804.24	March 20, 1986
1,900	1,903.54	July 1, 1986
2,000	2,002.25	January 8, 1987
2,100	2,102.50	January 19, 1987
2,200	2,201.49	February 5, 1987
2,300	2,333.52	March 20, 1987
2,400	2,405.54	April 6, 1987
2,500	2,510.04	July 17, 1987
2,600	2,635.84	August 10, 1987
2,700	2,700.57	August 17, 1987
The 1990s Superbull (1990-2000)
2,800	2,810.15	January 2, 1990
2,900	2,900.97	June 1, 1990
3,000	3,004.46	April 17, 1991
3,100	3,101.52	December 27, 1991
3,200	3,201.48	January 3, 1992
3,300	3,306.13	April 14, 1992
3,400	3,413.21	June 1, 1992
3,500	3,500.03	May 19, 1993
3,600	3,604.86	August 18, 1993
3,700	3,710.77	November 16, 1993
3,800	3,803.88	January 6, 1994
3,900	3,914.48	January 21, 1994
4,000	4,003.33	February 23, 1995
4,100	4,138.67	March 24, 1995
4,200	4,201.61	April 4, 1995
4,300	4,303.98	April 24, 1995
4,400	4,404.62	May 10, 1995
4,500	4,510.69	June 16, 1995
4,600	4,615.23	July 5, 1995
4,700	4,702.73	July 7, 1995
4,800	4,801.80	September 14, 1995
4,900	4,922.75	November 15, 1995
5,000	5,023.55	November 21, 1995
5,100	5,105.56	November 29, 1995
5,200	5,216.47	December 13, 1995
5,300	5,304.98	January 29, 1996
5,400	5,405.06	February 1, 1996
5,500	5,539.45	February 8, 1996
5,600	5,600.15	February 12, 1996
5,700	5,748.82	May 20, 1996
5,800	5,838.52	September 13, 1996
5,900	5,904.90	October 1, 1996
6,000	6,010.00	October 14, 1996
6,100	6,177.71	November 6, 1996
6,200	6,206.04	November 7, 1996
6,300	6,313.00	November 14, 1996
6,400	6,430.02	November 20, 1996
6,500	6,547.79	November 25, 1996
6,600	6,600.66	January 7, 1997
6,700	6,703.09	January 10, 1997
6,800	6,833.10	January 17, 1997
6,900	6,961.63	February 12, 1997
7,000	7,022.44	February 13, 1997
7,100 & 7,200	7,214.49	May 5, 1997
7,300	7,333.55	May 15, 1997
7,400	7,435.78	June 6, 1997
7,500	7,539.27	June 10, 1997
7,600 & 7,700	7,711.47	June 12, 1997
7,800	7,895.81	July 3, 1997
7,900	7,962.31	July 8, 1997
8,000	8,038.88	July 16, 1997
8,100	8,116.93	July 24, 1997
8,200	8,254.89	July 30, 1997
8,300	8,314.55	February 11, 1998
8,400	8,451.06	February 18, 1998
8,500	8,545.72	February 27, 1998
8,600	8,643.12	March 10, 1998
8,700	8,718.85	March 16, 1998
8,800	8,803.05	March 19, 1998
8,900	8,906.43	March 20, 1998
9,000	9,033.23	April 6, 1998
9,100	9,110.02	April 14, 1998
9,200	9,211.84	May 13, 1998
9,300	9,328.19	July 16, 1998
9,400 & 9,500	9,544.87	January 6, 1999
9,600	9,643.37	January 8, 1999
9,700	9,736.08	March 8, 1999
9,800	9,897.44	March 11, 1999
9,900	9,958.77	March 15, 1999
10,000	10,006.78	March 29, 1999
10,100	10,197.70	April 8, 1999
10,200 & 10,300	10,339.51	April 12, 1999
10,400	10,411.66	April 14, 1999
10,500	10,581.42	April 21, 1999
10,600 & 10,700	10,727.18	April 22, 1999
10,800	10,831.71	April 27, 1999
10,900 & 11,000	11,014.70	May 3, 1999
11,100	11,107.19	May 13, 1999
11,200	11,200.98	July 12, 1999
11,300	11,326.04	August 25, 1999
11,400	11,405.76	December 23, 1999
11,500	11,522.56	January 7, 2000
11,600 & 11,700	11,722.98	January 14, 2000
The Mid-2000s Bull Market (2003-2008)
11,722.98	11,727.34	October 3, 2006
11,800	11,850.61	October 4, 2006
11,900	11,947.70	October 12, 2006
12,000	12,011.73	October 19, 2006
12,100	12,116.91	October 23, 2006
12,200	12,218.01	November 14, 2006
12,300	12,305.82	November 16, 2006
12,400	12,416.76	December 14, 2006
12,500	12,510.57	December 27, 2006
12,600	12,621.77	January 24, 2007
12,700	12,741.86	February 14, 2007
12,800	12,803.84	April 18, 2007
12,900	12,961.98	April 20, 2007
13,000	13,089.89	April 25, 2007
13,100	13,105.50	April 26, 2007
13,200	13,211.88	May 2, 2007
13,300	13,312.97	May 7, 2007
13,400	13,487.53	May 16, 2007
13,500	13,556.53	May 18, 2007
13,600	13,633.08	May 30, 2007
13,700 & 13,800	13,861.73	July 12, 2007
13,900	13,907.25	July 13, 2007
14,000	14,000.41	July 19, 2007
14,100	14,164.53	October 9, 2007

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] Record Highs

Closing:	14,164.53	Tuesday, October 9, 2007
Intra-day Actual:	14,198.10	Thursday, October 11, 2007
Intra-day Theoretical:	14,279.96	Thursday, October 11, 2007

[edit] See also

• Stock market bubble
• Stock market crash

[edit] External links

• Dow Jones Industrial Average Closing Milestones
• Century of the Dow
• Yahoo: Theoretical DJIA since 1928
• MarketWatch: Recent DJIA
• Theoretical Dow Jones Index
• DJIA on Google Finance
• DJIA on CNN Money
• Dow Jones Utilities Average - DJUA