Financial Markets Book Financial Markets For The Rest Of Us
An Easy Guide To Money, Bonds, Futures, Stocks, Options, And Mutual Funds
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by Robert Hashemian

Page 161

List of Corporations on DJIA

AlliedSignal Inc. International Business Machines Corp. (IBM)
Alcoa Inc. Intel Corp.
American Express Co. International Paper Co.
AT & T Corp. J.P. Morgan & Co.
Boeing Co. Johnson & Johnson
Caterpillar Inc. McDonald's Corp.
Citigroup Inc. Merck & Co.
Coca-Cola Co. Microsoft Corp.
DuPont Co. Minnesota Mining & Manufacturing Co. (3M)
Eastman Kodak Co. Philip Morris Cos.
Exxon Mobil Corp. Procter & Gamble Co.
General Electric Co. SBC Communications Inc.
General Motors Corp. United Technologies Corp.
Home Depot Inc. Wal-Mart Stores Inc.
Hewlett-Packard Co. Walt Disney Co.

The DJIA list modifications are a rare but necessary step in an effort to closely reflect and gauge the stock market as a whole. There are still only 30 stocks in the list, and the DJIA is calculated by summing up their values and dividing the total by a divisor. The divisor is always adjusted to account for things such as stock splits and dividend payouts, so the average can be correctly calculated. It is not 30 (as of this writing it is approximately 0.204), as you might have thought. But if none of the stocks ever split or paid dividends, the divisor would have been 30. So the strength of the US market is mostly gauged by the value of DJIA.


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