TABLE B–95.—Historical stock prices and yields, 1949–2003 Common stock prices 1 New York Stock Exchange (NYSE) indexes 2 Year Composite (Dec. 31, 2002= 5,000) 3 1949. 1950. 1951. 1952. 1953. 1954. 1955. 1956. 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. 1997. 1998. 1999. 2000. 2001. 2002. 2003 .
1 2 3
Common stock yields (Standard & Poor's) (percent) 5 Standard & Nasdaq Poor's composite DividendEarningscomposite index (Feb. 5, price ratio 6 price ratio 7 index 1971=100) 2 (1941–43=10) 2 15.23 18.40 22.34 24.50 24.73 29.69 40.49 46.62 44.38 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 96.02 103.01 118.78 128.05 119.71 160.41 160.46 186.84 236.34 286.83 265.79 322.84 334.59 376.18 415.74 451.41 460.42 541.72 670.50 873.43 1,085.50 1,327.33 1,427.22 1,194.18 993.94 965.23 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 107.44 128.52 109.90 76.29 77.20 89.90 98.71 117.53 136.57 168.61 203.18 188.97 285.43 248.88 290.19 366.96 402.57 374.43 437.81 409.17 491.69 599.26 715.16 751.65 925.19 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 6.59 6.57 6.13 5.80 5.80 4.95 4.08 4.09 4.35 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 1.77 1.49 1.25 1.15 1.32 1.61 1.77 15.48 13.99 11.82 9.47 10.26 8.57 7.95 7.55 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 3.17 3.63 2.95 2.92 3.84
December 31, 1965=50 Utility 4 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 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 92.89 113.49 142.72 148.59 143.53 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 378.12 473.73 477.65 377.30 260.85 237.77
Dow Jones industrial average 2 Finance ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 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 89.28 114.21 147.20 146.48 127.26 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 516.35 530.86 553.13 595.61 555.27 565.75 179.48 216.31 257.64 270.76 275.97 333.94 442.72 493.01 475.71 491.66 632.12 618.04 691.55 639.76 714.81 834.05 910.88 873.60 879.12 906.00 876.72 753.19 884.76 950.71 923.88 759.37 802.49 974.92 894.63 820.23 844.40 891.41 932.92 884.36 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 7,441.15 8,625.52 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59
Composite 9.02 10.87 13.08 13.81 13.67 16.19 21.54 24.40 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 92.46 108.09 136.00 161.70 149.91 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 550.26 619.16 643.66 605.07 527.62 ……
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 78.18 107.45 108.01 123.79 155.85 195.31 180.95 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 681.57 774.78 810.63 748.26 657.37 633.18
Transportation ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 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 85.63 104.11 119.87 140.39 134.12 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 468.69 491.60 413.60 443.59 431.10 436.51
...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 487.92 536.84 585.47 578.01 483.39 573.33 637.52 607.11 463.54 483.55 575.85 567.66 567.81 616.68 720.15 782.62 728.84 979.52 977.33 1,142.97 1,438.02 1,709.79 1,585.14 1,903.36 1,939.47 2,181.72 2,421.51 2,638.96 2,687.02 3,078.56 3,787.20 4,827.35 5,818.26 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46
Averages of daily closing prices.
Includes stocks as follows: for NYSE, all stocks listed; for Dow Jones industrial average, 30 stocks; for Standard & Poor's (S&P) composite index, 500 stocks; and for Nasdaq composite index, over 5,000.
3
The NYSE relaunched the composite index on January 9, 2003, incorporating new definitions, methodology, and base value. (The composite index based on December 31, 1965=50 was discontinued.) Subset indexes on financial, energy, and health care were released by the NYSE on January 8, 2004 (see Table B–96). NYSE indexes shown in this table for industrials, utilities, transportation, and finance were discontinued.
4 5 6
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 to 1993 reflect the doubling.
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.
7
Quarterly data are ratio of earnings (after taxes) for four quarters ending with particular quarter-to-price index for last day of that quarter. Annual data are averages of quarterly ratios.
Sources: New York Stock Exchange, Dow Jones & Co., Inc., Standard & Poor's, and Nasdaq Stock Market.