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...always has, and always will. When Morgan died in 1913, the Dow-Jones industrial average, even then the popular indicator of market performance, stood at 81, and investors were happy about it. Last week the Dow closed at 840.53, which would have seemed astronomical to Morgan. Yet there was widespread worry because even that figure represented a 16% fall-off from a moment last February when the average briefly broke through the mystical 1,000 mark...
...present and the prospect left U.S. investors in a state of some confusion. Last week the Dow-Jones industrial average plunged by 14.81 points to a two-year low of 832.57. When the steel industry started announcing its price increases, the market turned up, actually ending the week at five points higher than it started...
...first day of trading last week, the Dow-Jones industrial average went down by 16.32 points-the most precipitate plunge since the day of John F. Kennedy's assassination. Throughout the rest of the week, the market tried bravely to rally, failed, and ended up at a Dow-Jones average of 847.38, a new low for the year, and down 148 points, or 15%, from Feb. 9's peak of 995.15. The Big Board's new flattened-out index (TIME, July 22) slipped one point to 45.29, or 2%. The Dow-Jones rail average also...
...stocks, the exchange used the figure 50 as the base average value as of Dec. 31, 1965; the day actually closed at $53.54. All fluctuations are calculated against this base. Thus, since the market has gone down in the past six months, the index opened below 50. Like the Dow-Jones, the exchange's index will have a tendency to inflate with splits and new issues. But unlike the Dow, it will be adjusted to keep it close to stock prices. For example, if it reaches 100, it might be split 2 for 1 back down...
...runs made for this year, the top-to-bottom exchange index showed almost exactly the same percentage changes as the selective Dow-Jones. But its point spread was smaller and the market decline did not seem so spectacular. It should be recognized, however, that neither will a market surge...