Foreword

The Dow Jones Industrial Average (DJIA) is the most widely quoted equity index in the world. For decades, it has been considered a benchmark of the fortunes of America's economy.

The original Dow Jones Average was introduced in 1884, using a formula created by business journalist Charles Henry Dow (1851�1902), co-founder of Dow Jones & Company, which was formed just two years earlier. The index featured 11 stocks, nine of which were rail companies.

From their modest basement office at 15 Wall street, adjacent to the New York stock exchange, Dow, with partner and editor Edward Davis Jones (1856�1920) produced a two-page, hand-written summary of the day's financial bulletins called, the "Customers' Afternoon Letter," which included the Dow Jones index. The circular was distributed throughout lower Manhattan by young 'runners'.

Business was booming for the partners. By 1889 they employed a staff of 50. Then on July 8 of that year, they launched the Wall Street Journal (WSJ), a four-page financial daily with a cover price of two cents. All the while, the Dow Jones Average was evolving with America's industrial power. On May 26, 1896 it was rolled out anew in the WSJ, as a 12 company 'smokestack' index -- the Dow Jones Industrial Average was officially born.

As the United States economy grew, the DJIA was expanded to 20 stocks in 1916, and finally to the present day number of 30 equities in 1928. Over 125 companies have appeared on this coveted list in its first 120 years, which has included wars, depression and breath-taking bull markets.