Word: dow
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...bunch at this point. That's O.K. in an average of blue-chip companies, which are supposed to be the best of the best. But such doctoring can make an imperfect economy appear perfect. If this change had been made six years ago, the Dow would now be near 8000, not just passing 7000. Does that mean the Dow is going higher quickly? Not necessarily. Because adjustments are made for the higher prices of stocks added to the list, don't look for any immediate jump. And there's no guarantee that the newly added companies will continue...
...Dow Jones industrial average checked in for cosmetic surgery last week and had four stocks liposuctioned from its bottom end. Is it time for a face-lift too? The "industrial" description is starting to look a little odd atop this svelte new body. Maybe it should be renamed Dow Lite...
...course, no name change is really forthcoming. The Dow keepers--editors at the Wall Street Journal--have been softening the average's smokestack image for years, and no one seems terribly confused. Still, it's notable that today only half the Dow companies are true metal benders, a testament to sweeping changes in the economy during the past few decades...
...Dow has consisted of 30 stocks since 1928, and for most of this century most of those companies were in heavy industry, reflecting the times. But as we've moved from the industrial age to the technology-and-information age, the nature of industry has changed radically. In 1959, for example, manufacturing accounted for 28% of gross domestic product, vs. 17% today. Meanwhile, health care has grown from 3% to 11%, and financial services from 14% to 18%. Since the 1980s the Dow keepers have been scrambling to reflect such developments. So in the '80s American Express and McDonald...
...debatable whether any 30-stock average can accurately reflect a diverse and changing economy. Most market pros prefer Standard & Poor's 500 index. But John Prestbo, markets editor at the Wall Street Journal, says he is committed to the Dow...