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This article is a summary of the closing milestones of the Dow Jones Industrial Average, a United States stock market index. Since first closing at 62.76 on February 16, 1885,[1] the Dow Jones Industrial Average has increased steadily, despite several periods of decline.

Milestone highs and lowsEdit

File:DJIA historical graph.svg
File:DJIA historical graph to jan09 (log).svg

Like most other stock market indices, the Dow undergoes periods of general increase and general declines or stagnation. A bull market is a term denoting a period of price increases, while a bear market denotes a period of declines. Wall Street generally considers a bear market in session when multiple broad market indexes have a downturn of 20% or more in value.[2]

There are two types of bull markets. A secular bull market is a period in which the stock market index is continually reaching all-time highs with only brief periods of correction, as during the 1990s, and can last upwards of 15 years. A cyclical bull market is a period in which the stock market index is reaching 52-week or multi-year highs and may briefly peak at all-time highs before a rapid decline, as in the early 1970s. It usually occurs within relatively longer bear markets and lasts about three years.

The following are the secular bull and bear markets experienced by the Dow since its inception:

  • 1885-1890: Bull market. From its first close of 62.76 on February 16, 1885, the Dow rises steadily for five years, until reaching a peak of 78.38 on June 4, 1890. This record would stand for nearly 15 years, until the Dow closed at 79.27 on March 24, 1905.[3]
  • 1890-1896: Bear market. The Dow plunges over 63% over the next six years, to set an all-time low of 28.48, on August 8, 1896.[4]
  • 1896–1906: Bull market. After setting an all-time low during the summer of 1896, the Dow quickly erases these losses, and eventually reaches a peak of 103 on January 19, 1906.
  • 1906-1915: Bear market. The Dow loses 48.5% of its value over the next 22 months, before reaching a low of 53 on November 15, 1907. From 1906-1915, the Dow would remain stuck trading between a range of 53 and 103. The index reaches a secondary low of 53.17 on December 24, 1914.
  • 1915-1919: Bull market. After hitting a seven-year low in late 1914, the Dow rises 125% over the next five years, reaching a new high of 119.62 on November 3, 1919.[5]
  • 1919-1921: Bear market. The Dow loses 46.6% of its value in just over 21 months, before reaching a low of 63.90 on August 24, 1921.[6]
  • 1921-1929: Bull market. Over the next eight years, the Dow increases nearly 500%, and eventually grows to a closing high of 381.17 (theoretical intra-day high of 386.1) on September 3, 1929.
  • 1929–1949: Bear market. The stock market crash of 1929 precedes the Great Depression. The Dow plunges to 41.22 (theoretical intra-day low of 40.56) on July 8, 1932, thus erasing 33 years of gains, in just under three years. Although cyclical bull markets occur in the 1930s and 1940s, the index would take 22 years to surpass its previous highs.
  • 1949–1966: Bull market. The Dow posts impressive growth in the booming economy following the Second World War. Starting from 161.60[7] in June 1949, when P/E ratios reach multi-decade lows, the index ends just five points below 1,000 on February 9, 1966. The inflation-adjusted high set on December 31, 1965[8] would not be surpassed for nearly 30 years, until the Dow's first close above 4,700 on July 7, 1995.[9]
  • 1966–1982: Bear market. Traders deal with a stagnant economy in an inflationary monetary environment. The Dow enters two long downturns in 1970 and 1974; during the latter, it falls nearly 45% to the bottom of a 20-year range.
  • 1982–2000: Bull market. The Dow experiences its most spectacular rise in history. From a meager 777 on August 12, 1982, the index grows more than 1,500% to close at 11,722.98 by January 14, 2000, without any major reversals except for a brief but severe downturn in 1987, which includes the largest daily percentage loss in Dow history.
  • 2000–2003: Bear market. The index meanders, and then plunges nearly 40%, to a closing low of 7,286.27 on October 9, 2002.
  • 2003-2007: Bull market. A cyclical bull closing peak of 14,164.53, reached exactly five years later, does not surpass the inflation-adjusted high set on December 31, 1999.[10][11]
  • 2007-2009: Bear market. A renewed bear is recognized in summer 2008 and multiple volatility records are set that autumn. Another acute phase in early 2009 brings the index to new 12½ year closing low of 6,547.05, on March 9, 2009, for a total loss of 54% in 17 months.
  • 2009–Present: Bull market. The Dow remains volatile during its ensuing climb, losing almost 20% during the summers of 2010 and 2011, but more than doubles from its low to four-year highs above 13,300 on May 1, 2012 before entering another summer correction. However, by February 1, 2013, the index finally closes above 14,000 for the first time since October 2007.[12] It continues upward to surpass its prior all-time record on March 5, 2013 and closes above 15,000 for the first time on Tuesday, May 7, 2013. The current all-time high of 15,676.94 set on Wednesday, September 18, 2013 has yet to surpass the inflation-adjusted highs of 1999 and 2007. In 2013, the Dow would need to close above 15,977.26 to pass the October 2007 inflation-adjusted high,[13] and above 16,139.93 to pass the inflation-adjusted high set on December 31, 1999.[14]

Incremental closing milestonesEdit

The following is a list of the milestone closing levels of the Dow Jones Industrial Average, in 100-point increments.

Milestone Closing Level Date first achieved
The late 19th century/early 20th century bull market (1896–1906)
100 100.25 January 12, 1906
The 1920s bull market (1921–1929)
200 200.93 December 19, 1927
300 300.00 December 31, 1928
The post-World War II boom (1949–1966)
381.171 382.74 November 23, 1954
400 401.97 December 29, 1954
500 500.24 March 12, 1956
600 602.21 February 20, 1959
700 705.52 May 17, 1961
800 800.14 February 28, 1964
900 900.95 January 28, 1965
The 1970s bear market (1966–1982)
1,0002 1,003.16 November 14, 1972
The 1980s bull market (1982–1987)
1,100 1,121.81 February 24, 1983
1,200 1,209.46 April 26, 1983
1,300 1,304.88 May 20, 1985
1,400 1,403.44 November 6, 1985
1,500 1,511.70 December 11, 1985
1,600 1,600.69 February 6, 1986
1,700 1,713.99 February 27, 1986
1,800 1,804.24 March 20, 1986
1,900 1,903.54 July 1, 1986
2,000 2,002.25 January 8, 1987
2,100 2,102.50 January 19, 1987
2,200 2,201.49 February 5, 1987
2,300 2,333.52 March 20, 1987
2,400 2,405.54 April 6, 1987
2,500 2,510.04 July 17, 1987
2,600 2,635.84 August 10, 1987
2,700 2,700.57 August 17, 1987
The 1990s bull acceleration (1988–2000)
2,800 2,810.15 January 2, 1990
2,900 2,900.97 June 1, 1990
3,0003 3,004.46 April 17, 1991
3,100 3,101.52 December 27, 1991
3,200 3,201.48 January 3, 1992
3,300 3,306.13 April 14, 1992
3,400 3,413.21 June 1, 1992
3,500 3,500.03 May 19, 1993
3,600 3,604.86 August 18, 1993
3,700 3,710.77 November 16, 1993
3,800 3,803.88 January 6, 1994
3,900 3,914.48 January 21, 1994
4,000 4,003.33 February 23, 1995
4,100 4,138.67 March 24, 1995
4,200 4,201.61 April 4, 1995
4,300 4,303.98 April 24, 1995
4,400 4,404.62 May 10, 1995
4,500 4,510.69 June 16, 1995
4,600 4,615.23 July 5, 1995
4,700 4,702.73 July 7, 1995
4,800 4,801.80 September 14, 1995
4,900 4,922.75 November 15, 1995
5,000 5,023.55 November 21, 1995
5,100 5,105.56 November 29, 1995
5,200 5,216.47 December 13, 1995
5,300 5,304.98 January 29, 1996
5,400 5,405.06 February 1, 1996
5,500 5,539.45 February 8, 1996
5,600 5,600.15 February 12, 1996
5,700 5,748.82 May 20, 1996
5,800 5,838.52 September 13, 1996
5,900 5,904.90 October 1, 1996
6,000 6,010.00 October 14, 1996
6,100 6,177.71 November 6, 1996
6,200 6,206.04 November 7, 1996
6,300 6,313.00 November 14, 1996
6,400 6,430.02 November 20, 1996
6,500 6,547.79 November 25, 1996
6,600 6,600.66 January 7, 1997
6,700 6,703.09 January 10, 1997
6,800 6,833.10 January 17, 1997
6,900 6,961.63 February 12, 1997
7,000 7,022.44 February 13, 1997
7,100 & 7,200 7,214.49 May 5, 1997
7,300 7,333.55 May 15, 1997
7,400 7,435.78 June 6, 1997
7,500 7,539.27 June 10, 1997
7,600 & 7,700 7,711.47 June 12, 1997
7,800 7,895.81 July 3, 1997
7,900 7,962.31 July 8, 1997
8,000 8,038.88 July 16, 1997
8,100 8,116.93 July 24, 1997
8,200 8,254.89 July 30, 1997
8,300 8,314.55 February 11, 1998
8,400 8,451.06 February 18, 1998
8,500 8,545.72 February 27, 1998
8,600 8,643.12 March 10, 1998
8,700 8,718.85 March 16, 1998
8,800 8,803.05 March 19, 1998
8,900 8,906.43 March 20, 1998
9,000 9,033.23 April 6, 1998
9,100 9,110.02 April 14, 1998
9,200 9,211.84 May 13, 1998
9,300 9,328.19 July 16, 1998
9,400 & 9,500 9,544.87 January 6, 1999
9,600 9,643.37 January 8, 1999
9,700 9,736.08 March 8, 1999
9,800 9,897.44 March 11, 1999
9,900 9,958.77 March 15, 1999
10,000 10,006.78 March 29, 1999
10,100 10,197.70 April 8, 1999
10,200 & 10,300 10,339.51 April 12, 1999
10,400 10,411.66 April 14, 1999
10,500 10,581.42 April 21, 1999
10,600 & 10,700 10,727.18 April 22, 1999
10,800 10,831.71 April 27, 1999
10,900 & 11,000 11,014.70 May 3, 1999
11,100 11,107.19 May 13, 1999
11,200 11,200.98 July 12, 1999
11,300 11,326.04 August 25, 1999
11,400 11,405.76 December 23, 1999
11,500 11,522.56 January 7, 2000
11,600 & 11,700 11,722.98 January 14, 2000
The mid-2000s cyclical bull (2003–2007)
11,722.98 11,727.34 October 3, 2006
11,800 11,850.61 October 4, 2006
11,900 11,947.70 October 12, 2006
12,000 12,011.73 October 19, 2006
12,100 12,116.91 October 23, 2006
12,200 12,218.01 November 14, 2006
12,300 12,305.82 November 16, 2006
12,400 12,416.76 December 14, 2006
12,500 12,510.57 December 27, 2006
12,600 12,621.77 January 24, 2007
12,700 12,741.86 February 14, 2007
12,800 12,803.84 April 18, 2007
12,900 12,961.98 April 20, 2007
13,000 13,089.89 April 25, 2007
13,100 13,105.50 April 26, 2007
13,200 13,211.88 May 2, 2007
13,300 13,312.97 May 7, 2007
13,400 13,487.53 May 16, 2007
13,500 13,556.53 May 18, 2007
13,600 13,633.08 May 30, 2007
13,700 & 13,800 13,861.73 July 12, 2007
13,900 13,907.25 July 13, 2007
14,000 14,000.41 July 19, 2007
14,100 14,164.53 October 9, 2007
The early 2010s bull market (2012–Present)
14,200 14,253.77 March 5, 2013
14,300 14,329.49 March 7, 2013
14,400 14,447.29 March 11, 2013
14,500 14,539.14 March 14, 2013
14,600 14,662.01 April 2, 2013
14,700 & 14,800 14,802.24 April 10, 2013
14,900 14,973.96 May 3, 2013
15,000 15,056.20 May 7, 2013
15,100 15,105.12 May 8, 2013
15,200 15,215.25 May 14, 2013
15,300 15,354.40 May 17, 2013
15,400 15,409.39 May 28, 2013
15,500 15,548.54 July 18, 2013
15,600 15,628.02 August 1, 2013

1This was the Dow's close at the peak of the 1920s bull market on Tuesday, September 3, 1929. This level would not be seen again for over 25 years.
2The Dow first exceeded 1000 during the trading day on Tuesday, January 18, 1966, but dropped back before closing that day. It would take another six years and ten months before it finally closed above 1000 for the first time on Tuesday, November 14, 1972.
3The Dow reached an intraday high above 3000 for the first time on Friday, July 13, 1990, before falling back below by the close. The average closed at 2999.75 on Monday, July 16, 1990, and closed unchanged the following day;[15] however, it would take until April 17 of the next year for the Dow to finally close above 3000.

Record highsEdit

Closing[16]</small>: 15,676.94 Wednesday, September 18, 2013
Intra-day Actual[17]</small>: 15,709.58 Wednesday, September 18, 2013
All-Time Daily Theoretical High4[18]</small>: 15,733.23 Wednesday, September 18, 2013

4Theoretical High Calculates the Dow's Level using All 30 Stocks' Daily High.[19]

See alsoEdit

ReferencesEdit

External linksEdit

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