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Quote of the Day
“An investor who will study values and market conditions, and then exercise enough patience for six men will likely make money in stocks.”
-Charles Dow. Source: Dow Theory Unplugged
July 8th – This Day in Stock Market History
July 8th, 1889 – The first edition of Wall Street Journal is published.
Charles Dow had been writing his “Customer Afternoon Letter” since 1883, but as its popularity grew Dow turned to a newspaper format. Now, stock market averages would be widely available to the public for the first time.
July 8th, 1932 – The Dow Jones Industrial Average closes at 41.22, what would be the bottom of the great depression.
The Dow fell 89.18% from its high of 381.17 on September 3rd 1929. On this day the Dow was at a level near where it began on May 26th 1896 – The Great Depression’s collapse has erased 36 years of stock market gains.
But there would be better times ahead. 41.22 would be the all-time low reached by the Dow, and it would never close lower – the bottom of the Great Depression is in.
Source: The Market’s Measure
Best July 8th in Dow Jones Industrial Average History
1942 – Up 2.06%, 2.18 points.
Worst July 8th in Dow Jones Industrial Average History
1901 – Down 3.34%, or 1.87 points.
Read of the Day
John Bogle’s June 20th, 2000 editorial in the Wall Street Journal – “How Mutual Funds Lost Their Way”
From the creator of the stock index (Charles Dow) to the creator of the index fund (John Bogle). The stock index, and the index fund have completely changed the way we view investing. But not every index fund is created equal. Here we take a look back at a classic op-ed by Bogle about why certain funds just don’t cut it.
Go To Next Day: July 9th, 1877 – The Bell Telephone Company is organized. –>