The Dow Jones is the oldest existing American market index. This index was created to track the development of the industrial component of the American stock markets.
The index covers the 30 largest US companies. The prefix “industrial” is a nod to history—many of the companies included in the index today are not in that industry. The index was initially calculated as the arithmetic average of the stock prices of the covered companies. Currently, the calculation uses a scaled average - the sum of prices is divided by a divisor, which changes whenever the stocks included in the index undergo splitting or consolidation. This allows the index to remain comparable, taking into account changes in the internal structure of its constituent stocks.
The first versions of the index appeared in 1884 and covered the stock prices of nine railroad and two industrial companies. This version of the index was not published and served for internal analysis. The index was first published on May 26, 1896 as an “industrial” index. At that time, the index was the arithmetic average of the stock prices of 12 American industrial companies, of which only General Electric is represented in today's version of the index (its presence in the index was from September 1898 to April 1899 and from April 1901 to November 1907).
In addition, the initial index included:
- American Cotton Oil Company, predecessor of Bestfoods, today part of Unilever;
- American Sugar Company, now Domino Foods, Inc.;
- American Tobacco Company, divided in 1911;
- Chicago Gas Company, purchased by Peoples Gas Light & Coke Co. in 1897 (now Peoples Energy Corporation);
- Distilling & Cattle Feeding Company, now Millennium Chemicals;
- Laclede Gas Light Company, operating as The Laclede Group;
- National Lead Company, now NL Industries;
- North American Company, divided in 1940;
- Tennessee Coal, Iron and Railroad Company, purchased by U.S. Steel in 1907;
- U.S. Leather Company, which ceased to exist in 1952;
- U.S. Rubber Company, renamed Uniroyal in 1967 and purchased by Michelin in 1990.
In 1916, the number of companies was increased to 20, and from October 1, 1928 - to 30. During rotation, one or two companies are usually replaced in the index at a time.
The most “turbulent” time was the Great Depression in the early 30s of the 20th century:
- On July 18, 1930, seven companies were replaced in the index at once,
- May 26, 1932 - eight.
There were two periods of 17 years (1939-1956 and 1959-1976) when there were no changes in the structure of the index.
The first published index value was 40.94. The 1,000 point mark, conquered in early 1966, became the top bar for 15 years, during which the index suffered four severe “bearish” trends, costing it an average of a third of its value.
The index's biggest decline in percentage terms occurred on Black Monday in 1987, when the Dow lost 22.6%. On the first trading day after the terrorist attacks of September 11, 2001, the index lost 7.1%.
There are 4 Dow Jones indices
- Industrial index Dow Jones (The Dow Jones Industrial Average, DJIA);
- Transport index The Dow Jones Transportation Average (DJTA);
- Communal index Dow Jones (The Dow Jones Utility Average, DJUA);
- Composite index The Dow Jones Composite Average (DJCA), compiled on the basis of the three above.
The Dow Jones indices are maintained and reviewed by the editors of The Wall Street Journal. To ensure that the range of values is continuous, changes to index components are rare and generally occur only after corporate acquisitions or other dramatic changes in the component's core business. When such a case occurs, the component is replaced and the index is revised.
There are no specific rules for selecting components. The index contains only stocks of companies that have an excellent reputation, demonstrate consistent growth, are of interest to a large number of investors and closely match the sector represented by the index.
Unlike the DJTA and DJUA, which only include transportation and utility stocks, the DJIA is not limited to traditionally defined industrial stocks. Instead, the index serves as a measure of the overall U.S. market, covering industries as diverse as financial services, technology, retail, entertainment and consumer staples.
Calculating the Dow Jones Indices
The calculation of the Dow Jones indices is unique because the indices represent weighted price rather than weighted market capitalization. Their change is affected only by changes in stock prices.
When the indices were first created, they were calculated by adding all the components and dividing by the number of components. Later, the practice of calculating the divisor was introduced to smooth out the effects of mergers, corporate splits, and other corporate actions. The index is quoted in points.
- DJIA – 0.142 799 2;
- DJTA – 0.232 835 26;
- DJUA – 1,714 926 23.
Example of calculating the Dow Jones index
For example, the index includes shares of four corporations.
A = 26, B – 20, C – 45, D = 17, i.e. the average price at the end of the working day is 27.
Corporation C merged with another company and issued shares E with a price of 37. If we do a simple recalculation, we will see a sharp jump - the average price will be 25. In order to avoid such jumps, proceed as follows: the sum of the prices of the shares is not divided by their number, and for some denominator X - a denominator (divisor), which is selected from the condition that the index opens with the same value with which it closed yesterday.
(A + B + D + E)/X = 27. Thus, X – (26 + 20 + 37 + 17) / 27 – 3.704.
The Dow Jones Industrial Average (DJIA)
The DJIA is a simple average of the stock price movements of the 30 largest industrial corporations.
Components of the Dow Jones Industrial Average as of March 10, 2015
When Charles Dow first released the industrial index on May 26, 1896, the stock market was not yet so popular. Prudent investors bought bonds that paid predictable interest and were backed by actual cars, factory buildings, and other hard assets. Today, stocks are generally viewed as investment vehicles, even by conservative investors. Now the circle of investors has expanded far beyond Wall Street.
The Dow Jones Industrial Average was created to organize information from the stock market, because 100 years ago, even people on Wall Street had a hard time making sense of the daily clutter, and understanding market dynamics was incredibly difficult. Charles Dow invented the stock index to make sense out of this mess. He started in 1884 with 11 stocks, most of them (9) representing railroads, which were the first large national corporations. The index provided a convenient benchmark for comparing individual stocks with market performance and for comparing the market with other indicators of economic conditions.
At first the index was published irregularly, with daily publication in the Wall Street Journal beginning on October 7, 1896. In 1916, the DJIA expanded to 20 stocks; Since 1928, the industrial index has included 30 corporations. Also, beginning in 1928, magazine editors began calculating averages using a divisor.
The Dow Jones Industrial Average is the most frequently cited market indicator in newspapers, television, and the Internet. Besides the fact that the industrial index is the oldest, two other factors play a role in its widespread popularity: it is understandable by most people and it reliably indicates the underlying trend of the market.
- maximum historical value (Life High) - 18,288.63 - March 2, 2015;
- minimum historical value (Life Low) - 40.6 - July 8, 1932 ("Great Depression").
best years
- 1915 +81,66
- 1933 +66,69
- 1928 +48,22
the worst years by degree of percentage change
- 1931 -52,67
- 1907 -37,73
- 2008 -33,84
Flaws
The peculiarity of the Dow Jones index is that it shows the average current stock prices without comparing them with the underlying value. Therefore, the index must be considered in comparison with a certain value taken as the basis for comparison (by a certain date).
One of the significant disadvantages of the Dow Jones index is the way it is calculated - when calculating the index, the prices of the stocks included in it are added up and then divided by an adjustment factor. As a result, even if one company is noticeably smaller in capitalization than another, but the value of one of its shares is higher, then it has a stronger influence on the index. Even a large percentage change in the price of a relatively cheap stock can be offset by a small percentage change in the price of a more expensive stock.
Covering only 30 companies, the Dow Jones Industrial Average is poorly suited to serve as an index of overall stock market activity. For the sake of objectivity, the S&P 500 index is sometimes used along with the Dow Jones index.
The Dow Jones Transportation Average (DJTA)
DJTA is an average of the stock prices of 20 transportation corporations (airlines, railroads, and highways).
Components of the Dow Jones Transportation Average (DJTA) as of March 10, 2015
Although the Dow Jones Industrial Average is the most famous American index, the title of the first and oldest index rightfully belongs to the Dow Jones Transportation Index. The first Dow Jones index, proposed in 1884 by Charles Dow, co-founder of Dow Jones & Company, which was publisher of the famous Wall Street Journal financial newspaper, was composed of stocks of nine railroads, including the New York Central and Union Pacific, and two non-railway companies - Pacific Mail Steamship and Western Union. It was the ancestor of the modern transport index. At that time, the truly strong companies were represented primarily by railroads.
In 1896, Dow issued a list of 20 "active" stocks, 18 of which were railroads, and this was the direct predecessor of the industrial index. That same year, the Dow Jones Industrial Average appeared. On September 8, 1896, the index was 48.55 points. Since then, railroad companies like Union Pacific (the only component remaining from the first index) have been joined by companies such as Delta Air Lines, Federal Express and Ryder System.
The analytical system based on the Dow indexes works approximately as described below. It is believed that the Dow Jones Industrial Average should "certify" the movement of the Industrial Index to confirm the strength of the current trend. If industrial stocks reach a new high, transportation stocks must also reach a new high to “confirm” the trend. The trend reverses when both averages experience sharp declines within the same time.
- maximum historical value (Life High) - 9,214.59 - February 25, 2015;
- minimum historical value (Life Low) - 13.2 - July 8-9, 1932 ("Great Depression").
The Dow Jones Utility Average (DJUA)
DJUA is an average of the stock price movements of 15 gas and electric utility companies.
Components of the Dow Jones Utilities Index (DJUA) as of March 10, 2015
The Dow Jones Utilities is the youngest of the three Dow Jones indices; it debuted in January 1929. According to analysts who study indexes, rising stock prices of utility corporations indicate that investors expect interest rates to fall. The fact is that utilities are big borrowers, and their profits increase when interest rates are low and vice versa. The utility index tends to decline when investors expect interest rates to rise. Because of this interest rate sensitivity, the utility index is regarded by some as a leading indicator for the stock market as a whole.
Unlike the industrials index, which has undergone more than 100 changes in over 100 years, the utilities index has been relatively unchanged. Most of the changes in recent years are the result of mergers and acquisitions.
Initially, the utility index included 18 shares, and 6 months later, on July 1, 1929, their number was increased to 20; on June 2, 1938, the number of shares was reduced to 15 - the index remains at this level to this day.
- maximum historical value (Life High) - 657.10 - January 28, 2015;
- minimum historical value (Life Low) - 16.35 - July 11, 1932 ("Great Depression").
The DJIA (Dow Jones Industrial Average) is a modern version of the world's first stock index. The history of modern technical or graphical analysis can be traced back to the work and theory of Charles Henry Dow (1851-1902). By studying the closing prices of stocks, Dow came to the conclusion that it was possible to create a kind of “barometer,” or stock index, that would allow investors to quantify the state of the market.
The first index, calculated on July 3, 1884, was the average price of 11 stocks. It was called the Dow Jones Railroad Average because 9 of the 11 stocks were issued by railroad companies. By 1896, Dow introduced the industrial average, which was defined as the arithmetic average of the prices of 12 stocks. The index value at the close of the first day was 69.93 points (the total value of the shares included in it at that time was 769.23).
In 1928, the number of stocks used to calculate the index was increased to 30, which remains the same today. The NYSE (New York Stock Exchange) updates and publishes the DJIA index every half hour throughout the exchange day. In 1928, a change was introduced into the methodology for calculating the index: a special multiplier (current divisor) was introduced, designed to prevent distortions in values caused by stock splits, payment of dividends, and changes in the composition of its listing. A stock index can characterize the market as a whole and a separate sector of the economy (industry, transport, etc.).
Let's look at the Dow Jones indices. The Dow Jones Industrial Average (DJIA) is calculated as a simple average of the stock price movements of the 30 largest industrial corporations (excluding American Express and AT&T, which cannot be considered pure industrial corporations),
The stocks used in this index are listed on the New York Stock Exchange (NYSE) and represent approximately 15-20 percent of the total market value of NYSE stocks. The composition of the Dow Jones Industrial Average is not fixed; components of the index can change depending on the position of the largest industrial corporations in the US economy and the market.
Initially, this index was calculated for 12 companies, now - for 30. At the beginning of its history, the Dow Jones index was calculated as a simple arithmetic average of the share prices of listed companies. However, periodic distortions in index values have occurred due to the fact that the Dow Jones Industrial Average is not weighted by the number of shares traded on the market.
Therefore, on September 10, 1928, the “constant divisor method” was adopted. And now the Dow Jones Industrial Average is calculated by adding the closing prices of the stocks included in it and dividing the resulting sum by a “constant divisor.”
It is adjusted for the amount of stock splits and dividends in the form of shares representing more than 10 percent of the market value of issues, as well as for the replacement of components included in the listing, their mergers and acquisitions. It is also worth paying attention to the intensity of index growth. The index crossed the first 1000th threshold only in 1972, that is, in 88 years! While over the past two years it has risen by about 2000 points.
The Dow Jones Transportation Average (DJTA) is an index that characterizes the movement of stock prices of 20 transport companies (airlines, railway and road companies). The Dow Jones Utility Average (DJUA) is responsible for 15 gas and electricity companies. The Dow Jones Composite Average (DJCA) is determined on the basis of industrial, transport and utility indices (65 companies in total).
The crown of all three indices today is the Dow Jones Composite Average, which includes 65 stocks included in other indices of the Dow Jones family and traded on the NYSE. The methodology for calculating the indices has remained virtually unchanged over the years, but the listed stocks have changed several times. Of all the stocks included in the indexes, only General Electric can boast of enviable stability, while the rest of the stocks entered and left the index and generally disappeared from the market.
It should be noted that the Dow Jones did not include shares of “new economy” companies for quite a long time, and their inclusion brought great trouble to the index value. Although, it is worth recognizing that the fact of inclusion increased the representativeness of the indicator and brought its composition closer to the real balance of power in the US stock market. Futures for the Dow Jones indices are traded in Chicago. On the Chicago Mercantile Exchange.
History of Dow Jones
It all started in 1884. The editor of the information sheet Customer's Afternoon Letter, Charles Dow, could not even imagine that his calculations would form the basis of the famous Dow Jones index. Then the enterprising Dow selected 9 railroad and 2 industrial companies. And 12 years later, the final version of the index at that time was calculated Dow Jones Industrial Average Of all modern companies, only General Electric was included in his formula. By the way, Dow's partner was sociologist Edward Jones.
Like many stock market indicators (DAX, Nikkei), Dow Jones is a weighted value. It’s no wonder that it is subject to mergers, acquisitions, additional issue of shares, and so on. The modern version of the Dow Jones is not an arithmetic average of stock prices. Although initially this was exactly the case. It is the sum of all component stock prices divided by the denominator.
What is the denominator? Imagine a float that oscillates with every rustle. However, then it still levels out and comes to a vertical position. The denominator in the case of the Dow Jones performs a similar function. As a variable value, it depends on corporate events. This is necessary so that there are no inaccuracies or distortions in the calculations, and the Dow Jones index maintains its comparability with previous periods.
Along with the NASDAQ Composite and S&P 500, the Dow Jones index most fully reflects the state of the American economy. Hence its dependence on certain international news: natural disasters, terrorism, economic reports. Dow Jones allows investors and analysts to evaluate the market situation based on one value. The convenience of the Dow Jones index is that you can monitor the situation without focusing on individual companies.
But it's not that simple. The Dow Jones index also has obvious disadvantages. And significant ones. Firstly, the list is not wide enough. Only 30 positions. For comparison, data on 500 companies are taken into account when calculating the S&P 500. Secondly, the Dow Jones index is calculated in isolation from any underlying value. The only way out is to compare the dynamics coefficients. Third, the imperfection of the Dow Jones calculation. It's one thing when we add up stock prices. Another thing is when we add up the capitalization of companies.
The Dow Jones is formed from the price of a stock. That is, if the share price of one company is higher than the share price of another, the first company has a greater influence on the stock market indicator. But what if this capitalization is much lower than the capitalization of the second company? This is a question... Oh yes - Charles Doe! His two-page economic newsletter later grew into the Wall Street Journal, and Dow himself became its editor-in-chief. Another brainchild of the journalist is the publishing house Dow Jones & Company.
The famous Dow Jones Industrial Average (Dow Jones Industrial Average) is one of the oldest and most famous indicators of the stock market; we can say that this is the “thermometer” of the American economy and one of the symbols of Wall Street.
The inventor of this indicator was Charles Dow, who on May 26, 1896 proposed calculating the arithmetic average of the stock prices of 30 (more precisely, at the beginning of 12) of the largest and most stable industrial companies in the United States.
Dow Jones Index Formula
As already mentioned, Charles Dow himself calculated his indicator by dividing the sum of the prices of all shares by thirty (the number of companies). Currently, this technique has been improved. Such an innovation makes a lot of sense. The most obvious disadvantage of calculating by simply calculating the average price is that not only significant economic factors. For example, a joint stock company can split shares by dividing the price (for the convenience of investors) by five. Then the shares of company A, which cost $500, will cost $100. Using the old algorithm, such a largely technical change would have caused a significant collapse in the index.
Therefore, now the calculation is carried out as follows: as before, all the share prices of companies included in the thirty (American blue chips) are added up, in the second part of the formula there is a special Dow divisor, calculated taking into account various factors - including the one taken above for the splitting example . Therefore, the index is more objective.
Advantages of the Dow Index:
1. Simplicity (relative simplicity: with the advent of a special divisor, the calculation became more complicated) and ease of calculation.
2. Long history. As already mentioned, this indicator is one of the symbols of the American stock market. By studying its dynamics, it is possible to analyze data over a wide period of time, which opens up very wide opportunities for theorists (and practitioners!).
Disadvantages of the Dow:
1. The most important thing is insufficient objectivity. Of course, the 30 largest companies (see below about which companies these are) play an important role in the American economy, but there are still many other shares traded on the stock exchange, including companies that are very slightly inferior to the leaders. Therefore, a sample of only 30 (and far from the most typical!) joint-stock companies cannot serve as an accurate model of the entire stock market. (Note: Previously, this disadvantage was not so significant, because the few largest companies played a much larger role in the US economy - much like giants like or in Russia now.)
2. The calculation does not take into account the capitalization of the company - only the price of its securities. Therefore, a change in the share price of a company with a small market value has the same impact on the index as a joint stock company with a significantly larger value. This is not entirely correct. (True, the top 30 includes such giants that ultimately the differences are not so important).
Some market participants whose stock prices are used to calculate the Dow Jones Indicator:
American Express Co.
Bank of America Corp.
Hewlett-Packard Co.
Intel Corp.
McDonald's Corp.
Procter & Gamble Co.
International Business Machines Corp.
The Dow Jones, also known as the Dow Jones Industrial Average, DJIA, Dow 30 or simply the Dow, is named after its creators, Charles Dow and Edward Jones. This is the most famous stock index in the world, and one of the oldest (dating back to the 1880s).
The index is a weighted average of the stock prices of the 30 largest companies traded on the NASDAQ and New York Stock Exchange (NYSE). Dow Jones is followed by almost all investors around the world because it includes leading international corporations. Almost all financial market news reports begin with an announcement about whether the Dow Jones has risen or fallen.
The index is currently owned by S&P Dow Jones Indices, which in turn is part of S&P Global.
History of the Dow Jones Index
The Dow and Jones created their index to better understand trends in the US economy. Initially, Dow Jones included only 12 companies, and all of them were in one way or another related to the industry - gas, cotton, tobacco, oil and sugar. The only company that has remained in the index since then is General Electric.
The Dow Jones index started at 62.76 and reached its first all-time peak of 78.38 in 1890. The first historical low occurred in 1896, when the Dow value was 28.48 points. From 1900 to 1914, the index rose and fell constantly, but then stabilized. However, with the onset of the Great Depression in 1928, the Dow collapsed so much that it was only able to recover by 1954, after which it began to behave approximately as it behaves today.
Dow Jones Index chart
Composition of the DJIA Index
For all components of the Dow Jones, a weighted average of the corresponding stock price is calculated (that is, the price per share of each company is aimed at the total number of companies included in the index).
Companies included in the Dow Jones are selected by a special committee of the Dow Jones S&P Index. The company monitors the current state of affairs on the American stock market and selects the most successful components for the index.
Factors influencing the index value
Factors affecting the Dow Jones include natural disasters, power supply problems in the United States and rising oil prices in other countries. Most often, however, the index falls when there is uncertainty in the financial market. Typically, investors are wary of investing in index components with high volatility.
If a company's profits decline or there are any violations associated with it, the shares of such a company fall, and, accordingly, the Dow Jones falls, if such a company is part of it.
Military conflicts and terrorist attacks have an unfavorable effect on the Dow, as in this case investors try to get out of an unstable market and sell stocks.
With a slight decline in the Dow Jones, investors may begin to buy shares, expecting a subsequent recovery of the index and, accordingly, an increase in profits. A strong decline in the index may signal the beginning of an economic crisis, which will lead to a further drop in share prices.
Trading the Dow Jones Index
- Dow Jones futures can be traded daily, except weekends, from 22:01 to 20:14 GMT.
- The minimum step of the Dow Jones index is 1 point.
- The minimum margin requirement on Dow Jones for most brokers is 0.5% (leverage ).
- Minimum transaction volume: 1 index.
- Dow Jones index currency: US dollar.
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And they covered the stock prices of nine railroad and two industrial companies. This version of the index was not published and served for internal analysis. The index was first published on May 26, 1896 as an “industrial” index. At that time, the index was the arithmetic average of the stock prices of 12 American industrial companies, of which only General Electric is represented in today's version of the index (its presence in the index was from September 1898 to April 1899 and from April 1901 to November 1907). In addition, the initial index included:
Better days
The table shows the best days since 1885, ordered by percentage change.
| Rank | date | Closing in points |
Change in points |
Change V % |
|---|---|---|---|---|
| 1 | 1933, March 15 | 62,10 | 8,26 | 15,34 |
| 2 | 1931, October 6 | 99,34 | 12,86 | 14,87 |
| 3 | 1929, October 30 | 258,47 | 28,40 | 12,34 |
| 4 | 1932, September 21 | 75,16 | 7,67 | 11,36 |
| 5 | 2008, October 13 | 9.387,61 | 936,42 | 11,08 |
| 6 | 2008, October 28 | 9.065,12 | 889,35 | 10,88 |
| 7 | 1987, October 21 | 2.027,85 | 186,84 | 10,15 |
| 8 | 1932, August 3 | 58,22 | 5,06 | 9,52 |
| 9 | 1932, February 11 | 78,60 | 6,80 | 9,47 |
| 10 | 1929, November 14 | 217,28 | 18,59 | 9,36 |
| 11 | 1931, December 28 | 80,69 | 6,90 | 9,35 |
| 12 | 1932, February 13 | 85,82 | 7,22 | 9,19 |
| 13 | 1932, May 6 | 59,01 | 4,91 | 9,08 |
| 14 | 1933, April 19 | 68,31 | 5,66 | 9,03 |
| 15 | 1931, October 8 | 105,79 | 8,47 | 8,70 |
| 16 | 1932, June 10 | 48,94 | 3,62 | 7,99 |
| 17 | 1939, September 5 | 148,12 | 10,03 | 7,26 |
| 18 | 1931, June 3 | 130,37 | 8,67 | 7,12 |
| 19 | 1932, January 6 | 76,31 | 5,07 | 7,12 |
| 20 | 2009, March 23 | 7.775,86 | 497,48 | 6,84 |
| 21 | 1932, October 14 | 63,84 | 4,08 | 6,83 |
| 22 | 1907, March 15 | 59,58 | 3,74 | 6,70 |
| 23 | 2008, November 13 | 8.835,25 | 552,59 | 6,67 |
| 24 | 1893, July 27 | 27,00 | 1,68 | 6,64 |
| 25 | 1931, June 20 | 138,96 | 8,65 | 6,64 |
| 26 | 1933, July 24 | 94,28 | 5,86 | 6,63 |
| 27 | 2008, November 21 | 8.046,42 | 494,13 | 6,54 |
| 28 | 1893, August 2 | 28,48 | 1,74 | 6,51 |
| 29 | 1933, June 19 | 95,99 | 5,76 | 6,38 |
| 30 | 1901, May 10 | 52,50 | 3,14 | 6,36 |
The worst days
The table shows the worst days since 1885, ordered by percentage change.
| Rank | date | Closing in points |
Change in points |
Change V % |
|---|---|---|---|---|
| 1 | 1987, October 19 | 1.738,74 | -508,00 | -22,61 |
| 2 | 1929, October 28 | 260,64 | -38,33 | -12,82 |
| 3 | 1929, October 29 | 230,07 | -30,57 | -11,73 |
| 4 | 1929, November 6 | 232,13 | -25,55 | -9,92 |
| 5 | 1899, December 18 | 42,69 | -4,08 | -8,72 |
| 6 | 1895, December 20 | 29,42 | -2,74 | -8,52 |
| 7 | 1932, August 12 | 63,11 | -5,79 | -8,40 |
| 8 | 1907, March 14 | 55,84 | -5,05 | -8,29 |
| 9 | 1987, October 26 | 1.793,93 | -156,83 | -8,04 |
| 10 | 2008, October 15 | 8.577,91 | -733,08 | -7,87 |
| 11 | 1933, July 21 | 88,71 | -7,55 | -7,84 |
| 12 | 1937, October 18 | 125,73 | -10,57 | -7,75 |
| 13 | 2008, December 1 | 8.149,09 | -679,95 | -7,70 |
| 14 | 1893, July 26 | 25,32 | -2,02 | -7,39 |
| 15 | 2008, October 9 | 8.579,19 | -678,91 | -7,33 |
| 16 | 1917, February 1 | 88,52 | -6,91 | -7,24 |
| 17 | 1997, October 27 | 7.161,15 | -554,26 | -7,18 |
| 18 | 1932, October 5 | 66,07 | -5,09 | -7,15 |
| 19 | 2001, September 17 | 8.920,70 | -684,81 | -7,13 |
| 20 | 1931, September 24 | 107,79 | -8,20 | -7,07 |
| 21 | 1933, July 20 | 96,26 | -7,32 | -7,07 |
| 22 | 2008, September 29 | 10.365,45 | -777,68 | -6,98 |
| 23 | 1989, October 13 | 2.569,26 | -190,58 | -6,91 |
| 24 | 1914, July 30 | 52,32 | -3,88 | -6,90 |
| 25 | 1988, January 8 | 1.911,31 | -140,58 | -6,85 |
| 26 | 1929, November 11 | 220,39 | -16,14 | -6,82 |
| 27 | 1940, May 14 | 128,27 | -9,36 | -6,80 |
| 28 | 1931, October 5 | 86,48 | -6,29 | -6,78 |
| 29 | 1940, May 21 | 114,13 | -8,30 | -6,78 |
| 30 | 1934, July 26 | 85,51 | -6,06 | -6,62 |
Best months
The table shows the best months since 1885, ordered by percentage change.
| Rank | Month | Closing in points |
Change in points |
Change V % |
|---|---|---|---|---|
| 1 | 1933, April | 77,66 | 22,26 | 40,18 |
| 2 | 1932, August | 73,16 | 18,90 | 34,83 |
| 3 | 1932, July | 54,26 | 11,42 | 26,66 |
| 4 | 1938, June | 133,88 | 26,14 | 24,26 |
| 5 | 1915, April | 71,78 | 10,95 | 18,00 |
| 6 | 1931, June | 150,18 | 21,72 | 16,91 |
| 7 | 1928, November | 293,38 | 41,22 | 16,35 |
| 8 | 1898, May | 38,64 | 4,94 | 14,66 |
| 9 | 1897, August | 40,15 | 5,07 | 14,45 |
| 10 | 1976, January | 975,28 | 122,87 | 14,41 |
| 11 | 1904, November | 52,76 | 6,59 | 14,27 |
| 12 | 1975, January | 703,69 | 87,45 | 14,19 |
| 13 | 1987, January | 2.158,04 | 262,09 | 13,82 |
| 14 | 1919, May | 105,50 | 12,62 | 13,59 |
| 15 | 1939, September | 152,54 | 18,13 | 13,49 |
| 16 | 1933, May | 88,11 | 10,45 | 13,46 |
| 17 | 1931, February | 189,66 | 22,11 | 13,20 |
| 18 | 1891, August | 40,71 | 4,68 | 12,99 |
| 19 | 1933, August | 102,41 | 11,64 | 12,82 |
| 20 | 1900, November | 48,78 | 5,53 | 12,79 |
| 21 | 1920, March | 102,81 | 11,50 | 12,59 |
| 22 | 1938, April | 111,28 | 12,33 | 12,46 |
| 23 | 1885, October | 38,55 | 4,22 | 12,29 |
| 24 | 1929, June | 333,79 | 36,38 | 12,23 |
| 25 | 1915, September | 90,58 | 9,38 | 11,55 |
| 26 | 1916, September | 102,90 | 10,65 | 11,54 |
| 27 | 1908, March | 49,46 | 5,11 | 11,52 |
| 28 | 1982, August | 901,31 | 92,71 | 11,47 |
| 29 | 1933, June | 98,14 | 10,03 | 11,38 |
| 30 | 1898, August | 44,21 | 4,50 | 11,33 |
The worst months
The table shows the worst months since 1885, ordered by percentage change.
| Rank | Month | Closing in points |
Change in points |
Change V % |
|---|---|---|---|---|
| 1 | 1931, September | 96,61 | -42,80 | -30,70 |
| 2 | 1938, March | 98,95 | -30,69 | -23,67 |
| 3 | 1932, April | 56,11 | -17,17 | -23,43 |
| 4 | 1987, October | 1.993,53 | -602,75 | -23,22 |
| 5 | 1940, May | 116,22 | -32,21 | -21,70 |
| 6 | 1929, October | 273,51 | -69,94 | -20,36 |
| 7 | 1932, May | 44,74 | -11,37 | -20,26 |
| 8 | 1893, July | 26,38 | -5,95 | -18,40 |
| 9 | 1930, June | 226,34 | -48,73 | -17,72 |
| 10 | 1931, December | 77,90 | -15,97 | -17,01 |
| 11 | 1933, February | 51,39 | -9,51 | -15,62 |
| 12 | 1998, August | 7.539,07 | -1.344,22 | -15,13 |
| 13 | 1931, May | 128,46 | -22,73 | -15,03 |
| 14 | 1907, October | 42,27 | -7,34 | -14,80 |
| 15 | 1930, September | 204,90 | -35,52 | -14,77 |
| 16 | 1903, July | 37,19 | -6,09 | -14,07 |
| 17 | 1973, November | 822,25 | -134,33 | -14,04 |
| 18 | 2008, October | 9.336,93 | -1.513,73 | -13,95 |
| 19 | 1903, September | 33,55 | -5,42 | -13,91 |
| 20 | 1932, October | 61,90 | -9,66 | -13,50 |
| 21 | 1919, November | 103,60 | -15,32 | -12,88 |
| 22 | 1937, September | 154,57 | -22,84 | -12,87 |
| 23 | 1929, November | 238,95 | -34,56 | -12,64 |
| 24 | 1899, December | 48,41 | -6,94 | -12,54 |
| 25 | 2002, September | 7.591,93 | -1.071,57 | -12,37 |
| 26 | 1931, April | 151,19 | -21,17 | -12,28 |
| 27 | 1920, February | 91,31 | -12,51 | -12,05 |
| 28 | 1899, May | 49,46 | -6,74 | -11,99 |
| 29 | 2009, February | 7.062,93 | -937,93 | -11,72 |
| 30 | 1907, March | 58,72 | -7,61 | -11,47 |