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Quote of the Day
“Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.”
― Charles Henry Dow
July 3rd – This Day in Stock Market History
July 3rd, 1884 – Dow Jones and Co. begins publishing average closing price of active representative stocks, in what would be the world’s first stock index. Now known as the Dow Jones Transportation Average, the average’s closing price after the first day was 69.93. The original 11 stocks in the index were 9 railroads and 2 delivery companies. The 11 companies that made up the average were:
Chicago & North Western, D&L Western, Lake Shore, Louisville & Nashville, Missouri Pacific, New York Central, Northern Pacific Pfd., Pacific Mail, St. Paul, Union Pacific and Western Union.
(Note, this was not the start of the Dow Jones Industrial Average, which would not come out until May 26th, 1896.)
Today, the Dow Jones Transportation Index is made up of 20 companies doing business in railroads, shipping and delivery, and air transportation. Union Pacific is the only member of the original Dow Transportation Average that is still in the index.
Despite starting at just 69.93 in 1884, today the Dow Transportation Average has a price around 10,300:
Best July 3rd in Dow Jones Industrial Average History
1933 – Up 2.82%, 2.85 points.
Worst July 3rd in Dow Jones Industrial Average History
1991 – Down 1.28%, 38.02 points.
Read of the Day
Charles Dow started what would become the Wall Street Journal as a simple daily newsletter, usually about two pages in length. His newsletter would become the Wall Street Journal in 1889, where he would frequently write columns on all facets of investing. Some were simply reactionary, while others were highly educational. A collection of his early writings are organized in a book: Dow Theory Unplugged
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