TABLE B–93.—Common stock prices and yields, 1957–99 Common stock prices Year or month
1
Common stock yields (S&P) (percent) 4 Dow Jones industrial average 2 ... ... ... ... ... ... ... ... ... 44.45 49.82 65.85 70.49 60.00 70.38 78.35 70.12 49.67 47.14 52.94 55.25 56.65 61.42 64.25 73.52 71.99 95.34 89.28 114.21 147.20 146.48 127.26 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 Standard & DividendPoor's price ratio composite 5 index 2 (1941–43=10) 475.71 44.38 4.35 491.66 632.12 618.04 691.55 639.76 714.81 834.05 910.88 873.60 879.12 906.00 876.72 753.19 884.76 950.71 923.88 759.37 802.49 974.92 894.63 820.23 844.40 891.41 932.92 884.36 1,190.34 1,178.48 1,328.23 1,792.76 2,275.99 2,060.82 2,508.91 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 46.24 57.38 55.85 66.27 62.38 69.87 81.37 88.17 85.26 91.93 98.70 97.84 83.22 98.29 109.20 107.43 82.85 86.16 102.01 98.20 96.02 103.01 118.78 128.05 119.71 160.41 160.46 186.84 236.34 286.83 265.79 322.84 334.59 376.18 415.74 451.41 460.42 541.72 670.50 3.97 3.23 3.47 2.98 3.37 3.17 3.01 3.00 3.40 3.20 3.07 3.24 3.83 3.14 2.84 3.06 4.47 4.31 3.77 4.62 5.28 5.47 5.26 5.20 5.81 4.40 4.64 4.25 3.49 3.08 3.64 3.45 3.61 3.24 2.99 2.78 2.82 2.56 2.19
New York Stock Exchange indexes (Dec. 31, 1965=50) Composite Industrial ... ... ... ... ... ... ... ... ... 46.18 51.97 58.00 57.44 48.03 57.92 65.73 63.08 48.08 50.52 60.44 57.86 58.23 64.76 78.70 85.44 78.18 107.45 108.01 123.79 155.85 195.31 180.95 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 Transportatio n ... ... ... ... ... ... ... ... ... 50.26 53.51 50.58 46.96 32.14 44.35 50.17 37.74 31.89 31.10 39.57 41.09 43.50 47.34 60.61 72.61 60.41 89.36 85.63 104.11 119.87 140.39 134.12 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 Utility 3 ... ... ... ... ... ... ... ... ... 90.81 90.86 88.38 85.60 74.47 79.05 76.95 75.38 59.58 63.00 73.94 81.84 78.44 76.41 74.69 77.81 79.49 93.99 92.89 113.49 142.72 148.59 143.53 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77
2
Finance
1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
23.67 24.56 30.73 30.01 35.37 33.49 37.51 43.76 47.39 46.15 50.77 55.37 54.67 45.72 54.22 60.29 57.42 43.84 45.73 54.46 53.69 53.70 58.32 68.10 74.02 68.93 92.63 92.46 108.09 136.00 161.70 149.91 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17
1997 1998 1999 1998: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1999: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
1 2 3 4 5
456.54 550.26 619.16 504.13 532.15 560.70 578.05 574.46 569.76 586.39 539.16 506.56 511.49 564.26 576.05 595.43 588.70 603.69 627.75 635.62 629.53 648.83 621.03 607.87 599.04 634.22 638.17
574.52 681.57 774.78 624.61 660.91 693.13 711.89 712.39 704.14 718.54 665.66 629.51 636.62 704.46 717.00 741.43 736.20 751.93 780.84 791.72 783.96 809.33 778.82 769.47 753.94 791.41 808.28
414.60 468.69 491.60 458.49 485.73 508.06 523.73 505.02 492.98 503.89 441.36 408.75 396.61 442.95 456.70 479.72 477.47 491.25 523.08 537.88 520.66 528.72 492.13 462.33 450.13 474.78 461.04
283.82 378.12 473.73 332.50 341.91 367.48 378.92 372.62 376.51 388.78 372.48 372.33 390.17 412.59 431.14 449.50 436.49 436.23 456.96 470.40 482.71 501.00 483.68 475.42 478.19 502.59 511.64
424.48 516.35 530.86 479.81 508.97 539.47 563.07 551.28 548.57 579.67 511.22 454.28 448.12 501.45 510.31 523.38 514.75 544.08 564.99 562.66 546.43 557.92 521.59 493.37 490.92 539.20 510.99
7,441.15 8,625.52 10,464.88 7,808.35 8,323.61 8,709.47 9,037.44 9,080.07 8,872.96 9,097.14 8,478.52 7,909.79 8,164.47 9,005.75 9,018.68 9,345.86 9,322.94 9,753.63 10,443.50 10,853.87 10,704.02 11,052.22 10,935.47 10,714.03 10,396.88 10,809.80 11,246.36
873.43 1,085.50 1,327.33 963.36 1,023.74 1,076.83 1,112.20 1,108.42 1,108.39 1,156.58 1,074.62 1,020.64 1,032.47 1,144.43 1,190.05 1,248.77 1,246.58 1,281.66 1,334.76 1,332.07 1,322.55 1,380.99 1,327.49 1,318.17 1,300.01 1,391.00 1,428.68
1.77 1.49 1.25 1.62 1.55 1.48 1.43 1.45 1.45 1.39 1.48 1.59 1.59 1.43 1.37 1.30 1.32 1.30 1.24 1.24 1.25 1.20 1.25 1.27 1.28 1.21 1.18
Averages of daily closing prices, except NYSE data through May 1964 are averages of weekly closing prices. Includes stocks as follows: for NYSE, all stocks listed (more than 3,500); for Dow-Jones industrial average, 30 stocks; and for S&P composite Effective April 1993, the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. Annual indexes prior Based on 500 stocks in the S&P composite index.
Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednesday closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures. 6 Quarterly data are ratio of earnings (after taxes) for 4 quarters ending with particular quarter to price index for last day of that quarter. Annual data are averages of quarterly ratios. Note.—All data relate to stocks listed on the New York Stock Exchange. Sources: New York Stock Exchange (NYSE), Dow Jones & Co., Inc., and Standard & Poor's (S&P).
Common stock yields (S&P) (percent) 4 Earningsprice ratio
6
7.89 6.23 5.78 5.90 4.62 5.82 5.50 5.32 5.59 6.63 5.73 5.67 6.08 6.45 5.41 5.50 7.12 11.59 9.15 8.90 10.79 12.03 13.46 12.66 11.96 11.60 8.03 10.02 8.12 6.09 5.48 8.01 7.42 6.47 4.79 4.22 4.46 5.83 6.09 5.24
4.57 3.46 ... ... ... 3.59 ... ... 3.44 ... ... 3.75 ... ... 3.07 ... ... 2.98 ... ... 2.99 ... ... 3.43 ... ... ...
and for S&P composite
dex. Annual indexes prior
ay closing prices. Monthly
of that quarter. Annual data