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88-614: At one time the second largest steel producer in the United States, TCI was listed on the first Dow Jones Industrial Average in 1896. However, in 1907, the company was merged with its principal rival, the United States Steel Corporation . The Tennessee Coal, Iron and Railroad Company was subsequently operated as a subsidiary of U. S. Steel for 45 years until it became a division of its parent company in 1952. The Tennessee Coal, Iron and Railroad Company

176-585: A committee. The ten components with the largest dividend yields are commonly referred to as the Dogs of the Dow . As with all stock prices, the prices of the constituent stocks and consequently the value of the index itself are affected by the performance of the respective companies as well as macroeconomic factors. As of November 15, 2024, the Dow Jones Industrial Average consists of

264-733: A downsizing and eventual consolidation of the Fairfield and Ensley works, mirroring the general decline of heavy industry in the US throughout those decades. The last relic of the Tennessee Coal, Iron and Railroad Company, the Fairfield Plant, continues to be operated by U. S. Steel as one of its five integrated steel mills in the US. It is the largest steel-making plant in Alabama, employing 2,000 workers as of September 2006, down from

352-471: A much higher-priced stock, even though the lower-priced stock experienced a larger percentage change. In addition, a $ 1 move in the smallest component of the DJIA has the same effect as a $ 1 move in the largest component of the average. For example, during September–October 2008, former component AIG 's reverse split-adjusted stock price collapsed from $ 22.76 on September 8 to $ 1.35 on October 27; contributing to

440-467: A negative return during most of the 1930s for new and old stock market investors. For the decade, the Dow Jones average was down from 248.48 at the beginning of 1930, to a stable level of 150.24 at the end of 1939, a loss of about 40%. Post-war reconstruction during the 1940s, along with renewed optimism of peace and prosperity, brought about a 33% surge in the Dow from 150.24 to 200.13. The strength in

528-411: A new, larger TCI plant to the west of Ensley and at the center of a new company town, and so in 1910 work on the planned community of Corey, Alabama, began. Named after an executive who later committed suicide, Corey was soon renamed Fairfield, and the steel works there opened in 1917. With the discovery of new coking coal and ore deposits in the region, and with the aid of U. S. Steel's enormous capital,

616-426: A peak of 45,000 during World War II. With a single blast furnace and three basic oxygen process furnaces , amongst other various mills and production facilities, the plant produces 2.4 million tons of raw steel per annum and 640,000 tons of seamless tubular and sheet products, mainly for purchase by the booming oil industry. August 17, 2015, U. S. Steel President and CEO Mario Longhi announced, "We have determined that

704-548: A range between 53 and 103 until late 1914. The negativity surrounding the 1906 San Francisco earthquake did little to improve the economic climate; the index broke 100 for the first time in 1906. At the start of the 1910s, the Panic of 1910–1911 stifled economic growth. On July 30, 1914, as the average stood at a level of 71.42, a decision was made to close the New York Stock Exchange , and suspend trading for

792-478: A record Warren Buffett called "a wonderful century"; when he calculated that to achieve that return again, the index would need to close at about 2,000,000 by December 2099. On September 17, 2001, the first day of trading after the September 11 attacks on the United States, the Dow fell 7.1%. However, the Dow began an upward trend shortly after the attacks, and regained all lost ground to close above 10,000 for

880-407: A roughly 3,000-point drop in the index. As of June 2021, Goldman Sachs and UnitedHealth Group are among the highest-priced stocks in the average and therefore have the greatest influence on it. Alternately, Cisco Systems and Coca-Cola are among the lowest-priced stocks in the average and have the least sway in the price movement. Critics of the DJIA and most securities professionals recommend

968-635: A span of four and a half months. Some historians believe the exchange was closed because of a concern that markets would plunge as a result of panic over the onset of World War I . An alternative explanation is that the United States Secretary of the Treasury , William Gibbs McAdoo , closed the exchange to conserve the U.S. gold stock in order to launch the Federal Reserve System later that year, with enough gold to keep

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1056-463: A time of economic uncertainty and troubled relations between the U.S. and certain Middle-Eastern countries. The 1970s energy crisis was a prelude to a disastrous economic climate along with stagflation , the combination of high unemployment and high inflation. However, on November 14, 1972, the average closed at 1,003.16, above the 1,000 mark for the first time, during a brief relief rally in

1144-462: A tool of justification during the slavery era, and the concept promoted the institution of the slavery. Masters, who were the owners of slaves, believed themselves that the concept of paternalism can justify their wrongdoings such as trading of slaves and punishment of their slaves. The masters believed that they are helping and rescuing slaves from poor conditions; therefore, the masters believed themselves as parent or savior of their slaves. Masters used

1232-530: A valuable prize – a controlling stake in TCI. U. S. Steel immediately replaced the Tennessee Coal, Iron and Railroad Company on the Dow Jones Index, where it remained until 1991. TCI was not fully incorporated into U. S. Steel, and continued to operate as an extremely profitable subsidiary of its parent company well into the 20th century. Immediately following the merger, a venture was launched to create

1320-483: Is price-weighted , unlike other common indexes such as the Nasdaq Composite or S&P 500, which use market capitalization . The value of the index can also be calculated as the sum of the stock prices of the companies included in the index, divided by a factor, which is approximately 0.163 as of November 2024 . The factor is changed whenever a constituent company undergoes a stock split so that

1408-529: Is computed as the sum of the prices of all thirty stocks divided by a divisor , the Dow Divisor. The divisor is adjusted in case of stock splits, spinoffs or similar structural changes, to ensure that such events do not in themselves alter the numerical value of the DJIA. Early on, the initial divisor was composed of the original number of component companies; this initially made the DJIA a simple arithmetic average. The present divisor, after many adjustments,

1496-468: Is less than one, making the index larger than the sum of the prices of the components. That is: where p are the prices of the component stocks and d is the Dow Divisor . Events such as stock splits or changes in the list of the companies composing the index alter the sum of the component prices. In these cases, in order to avoid discontinuity in the index, the Dow Divisor is updated so that

1584-710: Is meant to apply only to human beings in the maturity of their faculties. We are not speaking of children, or of young persons below the age which the law may fix as that of manhood or womanhood." Paternalism towards adults is sometimes thought of as treating them as if they were children. The word paternalism derives from the adjective paternal , which entered the English language in the fifteenth century from Old French paternel (cf. Old Occitan paternal , as in Catalan , Spanish and Portuguese ), itself from Medieval Latin paternalis . The classical Latin equivalent

1672-458: Is protected. A moral paternalist would argue that it is ethical considering they believe prostitution to be morally corrupting. Thomas Pogge argues that there are a number of criteria for paternalism. In his Two Treatises of Government , John Locke argues (against Robert Filmer ) that political and paternal power are not the same. John Stuart Mill opposes state paternalism on the grounds that individuals know their own good better than

1760-544: Is typically carried out in an open outcry auction, or over an electronic network such as CME's Globex platform. The Chicago Board Options Exchange (CBOE) issues option contracts on the Dow through the root symbol DJX. Options on various Dow-underlying ETFs are also available for trading. The following table shows the annual development of the Dow Jones Index, which was calculated back to 1896. In 1884, Charles Dow composed his first stock average, which contained nine railroads and two industrial companies that appeared in

1848-539: The 1980s oil glut , the Japanese asset price bubble , and other political distractions. The index had only two negative years in the 1980s: in 1981 and 1984. The 1990s brought on rapid advances in technology along with the introduction of the dot-com era . The markets contended with the 1990 oil price shock compounded with the effects of the early 1990s recession and a brief European situation surrounding Black Wednesday . Certain influential foreign conflicts such as

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1936-836: The 1991 Soviet coup d'état attempt which took place as part of the initial stages of the Dissolution of the Soviet Union and the Revolutions of 1989 ; the First Chechen War and the Second Chechen War , the Gulf War , and the Yugoslav Wars failed to dampen economic enthusiasm surrounding the ongoing Information Age and the " irrational exuberance " (a phrase coined by Alan Greenspan ) of

2024-642: The Customer's Afternoon Letter , a daily two-page financial news bulletin which was the precursor to The Wall Street Journal . On January 2, 1886, the number of stocks represented in what is now the Dow Jones Transportation Average dropped from 14 to 12, as the Central Pacific Railroad and Central Railroad of New Jersey were removed. Though comprising the same number of stocks, this index contained only one of

2112-515: The Dow ( / ˈ d aʊ / ), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. Many professionals consider it to be an inadequate representation of the overall U.S. stock market compared to a broader market index such as the S&;P 500 . The DJIA includes only 30 large companies. It

2200-491: The Dubai World 2009 debt standstill, and the 2011 United States debt-ceiling crisis . On May 6, 2010, the Dow lost 9.2% intra-day and regained nearly all of it within a single hour. This event, which became known as the 2010 Flash Crash , sparked new regulations to prevent future incidents. Six years after its previous high in 2007, the Dow finally closed at a new record high on March 5, 2013. It continued rising for

2288-621: The Second Sino-Japanese War of 1937. The United States experienced the Recession of 1937–1938 , which temporarily brought economic recovery to a halt. The largest one-day percentage gain in the index happened in the depths of the 1930s bear market on March 15, 1933, when the Dow gained 15.34% to close at 62.10. However, as a whole throughout the Great Depression, the Dow posted some of its worst performances, for

2376-659: The Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution in 1979. Performance-wise for the 1970s, the index remained virtually flat, rising 4.8% from 800.36 to 838.74. The 1980s began with the early 1980s recession . In early 1981, the index broke above 1,000 several times, but then retreated. After closing above 2,000 in January 1987, the largest one-day percentage drop occurred on Black Monday , October 19, 1987, when

2464-489: The dot-com bubble . Between late 1992 and early 1993, the Dow staggered through the 3,000 level making only modest gains as the biotechnology sector suffered through the downfall of the Biotech Bubble; as many biotech companies saw their share prices rapidly rise to record levels and then subsequently fall to new all-time lows. The Dow soared from 2,753 to 8,000 between January 1990 to July 1997. In October 1997,

2552-461: The market-capitalization weighted S&P 500 Index or the Wilshire 5000 , the latter of which includes most publicly listed U.S. stocks, as better indicators of the U.S. stock market. Paternalism Paternalism is action that limits a person's or group's liberty or autonomy and is intended to promote their own good. Paternalism can also imply that the behavior is against or regardless of

2640-617: The panic of 1893 the company shifted its primary interests from railroads to steel. TCI's largest industrial plant was located in Ensley, a company town founded in 1886 on the outskirts of Birmingham, Alabama, by company president Enoch Ensley. Ensley was served by the sizable Birmingham Southern Railroad , one of TCI's early acquisitions, and from 1899 contained four 200-ton blast furnaces . In 1906 two more furnaces were constructed, and 40,000 tonnes of steel were produced that year, feeding Ensley's integrated rail, wire and plate mills. The company

2728-567: The 10,000 mark by year end. The Dow continued climbing and reached a record high of 14,198.10 on October 11, 2007, a mark which was not matched until March 2013. It then dropped over the next year due to the 2007–2008 financial crisis . On September 15, 2008, a wider financial crisis became evident after the Bankruptcy of Lehman Brothers along with the economic effect of record high oil prices which had reached almost $ 150 per barrel two months earlier. The Dow lost more than 500 points for

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2816-529: The DJIA is possible via index funds as well as via derivatives such as option contracts and futures contracts . Index funds , including mutual funds and exchange-traded funds (ETF) can replicate, before fees and expenses, the performance of the index by holding the same stocks as the index in the same proportions. An ETF that replicates the performance of the index is issued by State Street Corporation ( NYSE Arca :  DIA ). ProShares offers leveraged ETFs that attempt to produce three times

2904-405: The Dow fell nearly 20%. By early January 2019, the index had quickly rallied more than 10% from its Christmas Eve low. Overall in the 2010s decade, the Dow increased from 10,428.05 to 28,538.44 for a substantial gain of 174%. Despite the emerging COVID-19 pandemic , the Dow continued its bull run from the previous decade before peaking at 29,551.42 on February 12, 2020 (29,568.57 intraday on

2992-619: The Dow occurred despite the Recession of 1949 and various global conflicts. During the 1950s, the Korean War and the Cold War did not stop the Dow's climb higher. A nearly 240% increase in the average from 200.13 to 679.36 ensued over the course of that decade. The Dow began to stall during the 1960s as the markets trudged through the Kennedy Slide of 1962 , but still managed an 18% gain from 679.36 to 800.36. The 1970s marked

3080-520: The Fairfield works were quickly expanded with the construction of new steel mills and rail links. Several rolling mills were completed in 1917, which produced ship materials for the nearby shipbuilding plants in Chickasaw, Alabama , in support of America's sudden entry into World War I . In 1920 a direct rail line between Fairfield and Birmingport, the new port of Birmingham on the Warrior River

3168-513: The S&;P 500 Index or the Russell 3000 Index . Additionally, the DJIA is criticized for being a price-weighted index , which gives higher-priced stocks more influence over the average than their lower-priced counterparts, but takes no account of the relative industry size or market capitalization of the components. For example, a $ 1 increase in a lower-priced stock can be negated by a $ 1 decrease in

3256-455: The US equities market, particularly the S&P 500 Index . Between ( 1980-January-{{{day}}} ) ( 2023-November-{{{day}}} ) January 1980 – November 2023 , the DJIA returned an annualized 8.90%, with the S&P 500 returning a nearly identical 8.91%. With the inclusion of only 30 stocks, critics such as Ric Edelman argue that the DJIA is an inaccurate representation of overall market performance compared to more comprehensive indices such as

3344-545: The United Press International) closed over 30,000 on December 31, 2020, at a record 30,606.48. On November 24, following news that the presidential transition of Joe Biden was approved, the Dow increased by more than 500 points, closing at 30,046.24. On January 22, 2024, the Dow Jones crossed 38,000 points for the first time; a month later it surpassed 39,000; and in May, it surpassed 40,000 points. The DJIA

3432-491: The United States on par with the gold standard . When the markets reopened on December 12, 1914, the index closed at 74.56, a gain of 4.4%. This is frequently reported as a large drop, due to using a later redefinition. Reports from the time say that the day was positive. Following World War I, the United States experienced another economic downturn, the Post–World War I recession . The Dow's performance remained unchanged from

3520-451: The average fell 22.61%. There were no clear reasons given to explain the crash. On October 13, 1989, the Friday the 13th mini-crash , which initiated the collapse of the junk bond market, resulted in a loss of almost 7% of the index in a single day. During the 1980s, the Dow increased 228% from 838.74 to 2,753.20; despite the market crashes, Silver Thursday , an early 1980s recession ,

3608-443: The bridge so one could find out whether he knows about the damage. If he knows and wants to jump off the bridge and commit suicide then one should allow him to. Hard paternalists say that at least sometimes one is entitled to prevent him from crossing the bridge and committing suicide. Pure paternalism is paternalism where the people having their liberty or autonomy taken away are those being protected. Impure paternalism occurs when

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3696-411: The class of people whose liberty or autonomy is violated by some measure is wider than the group of persons thereby protected. Moral paternalism is where paternalism is justified to promote the moral well-being of a person(s) even if their welfare would not improve. For example, it could be argued that someone should be prevented from prostitution even if they make a decent living off it and their health

3784-474: The closing value of the previous decade, adding only 8.26%, from 99.05 at the beginning of 1910, to a level of 107.23 at the end of 1919. The Dow experienced a long bull run from 1920 to late 1929 when it rose from 73 to 381 points. In 1928, the components of the Dow were increased to 30 stocks near the economic height of that decade, which was nicknamed the Roaring Twenties . This period downplayed

3872-411: The company discovered a 400% annual turnover in the workforce. In the 1910s, TCI undertook a comprehensive program to stabilize its labor force, excluding prison laborers, by developing rigorously planned "model villages", thereby improving worker health, welfare and loyalty. This paternalistic approach carried with it obvious benefits for workers and their families, but also drew criticism for limiting

3960-486: The company in 1876 and expanded the business into iron manufacture in order to stimulate coke sales, building a blast furnace near Cowan. The business was subsequently renamed the Tennessee Coal, Iron, and Railroad Company. TCI never again changed its name, despite its later expansion into Alabama following the 1886 purchase of the Birmingham-based Pratt Coal and Iron Company. As the company grew in

4048-548: The concept of paternalism for slaves was the tool that made slaves feel more comfortable and free. Walter Johnson introduces a concept of paternalism in Soul by Soul: Life Inside the Antebellum Slave Market that mentions "Slave-market paternalism thus replayed the plots of proslavery propaganda and fiction: the good hearted slave at the side of the dying master; the slave who could be trusted to master himself;

4136-471: The concept of paternalism to show that their behavior is not wrong or unethical. Not only by the masters, but slaves also exploited the concept of paternalism for their own benefit. For instance, slaves believed that enslavement would be better than the freedom. Slaves believed that they would be treated better as long as they build good relationship with their masters. Slaves also believed that they could get basic human needs such as food from their masters. Thus,

4224-701: The daily result of either investing in ( NYSE Arca :  UDOW ) or shorting ( NYSE Arca :  SDOW ) the Dow Jones Industrial Average. In the derivatives market, the CME Group through its subsidiaries the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), issues Futures Contracts; the E-mini Dow ($ 5) Futures (YM) , which track the average and trade on their exchange floors respectively. Trading

4312-629: The day, returning to its mid-July lows below 11,000. A series of bailout packages, including the Emergency Economic Stabilization Act of 2008 , proposed and implemented by the Federal Reserve and United States Department of the Treasury did not prevent further losses. After nearly six months of extreme volatility during which the Dow experienced its largest one-day point loss, largest daily point gain, and largest intraday range (of more than 1,000 points) at

4400-458: The decade, the Dow saw a rather substantial pullback for a negative return from 11,497.12 to 10,428.05, a loss of a 9.3%. During the first half of the 2010s decade, aided by the Federal Reserve 's loose monetary policy including quantitative easing , the Dow made a notable rally attempt. This was despite significant volatility due to growing global concerns such as the European debt crisis ,

4488-445: The end be their improvement, and the means justified by actually effecting that end. Mill above declares barbarians to be in need of paternalism. But he narrowly defines barbarism historically, geographically, and economically insofar as to declare it fit to describe the people he intends to describe as such. Contemporary opponents of paternalism often appeal to the ideal of personal autonomy . A concept of paternalism functioned as

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4576-495: The enormous Carnegie and Federal steel empires. By the time of the Panic of 1907 , U. S. Steel felt confident enough to launch a takeover bid of its Southern rival. On the morning of Saturday November 2, banker and tycoon J. P. Morgan , one of the founders of U. S. Steel, convened a meeting in his library and there suggested that U. S. Steel purchase the stock of an insolvent Wall Street brokerage firm, Moore and Schley, which had secured huge loans against 6 million TCI shares. This

4664-408: The ensuing Great Depression over the next several years saw the Dow continue to fall until July 8, 1932, when it closed at 41.22, roughly two-thirds of its mid-1880s starting point and almost 90% below its peak. Overall for the 1920s decade, the Dow still ended with a healthy 131.7% gain, from 107.23 to 248.48 at the end of 1929. In inflation-adjusted numbers, the high of 381.17 on September 3, 1929,

4752-488: The events surrounding the 1997 Asian financial crisis plunged the Dow into a 554-point loss to a close of 7,161.15; a retrenchment of 7.18% in what became known as the October 27, 1997 mini-crash . However, the Dow continued climbing past 9,000 despite negativity surrounding the 1998 Russian financial crisis along with the subsequent fallout from the 1998 collapse of Long-Term Capital Management due to bad bets placed on

4840-525: The first quarter of 2020, the DJIA fell 23%, its worst quarter since 1987. The market recovered in the third quarter, returning to 28,837.52 on October 12, 2020, and peaked momentarily at a new all-time high of 29,675.25 on November 9, 2020, at 14:00 ET, following that day's announcement of the success of the Pfizer–BioNTech COVID-19 vaccine in Phase III clinical trials. The Dow (as reported by

4928-403: The following companies, with a weighting as shown: As of November 8, 2024, the components of the DJIA have changed 59 times since its beginning on May 26, 1896. General Electric had the longest presence on the index, beginning in the original index in 1896 and ending in 2018, but was dropped and re-added twice between 1898 and 1907. Changes to the index since 1991 are as follows: Investing in

5016-403: The free movement and organization of labor. The Tennessee Coal, Iron and Railroad Company's status was bolstered when it became one of the first 12 companies to be listed on the inaugural Dow Jones Industrial Average , compiled in May 1896. However, it was not long before TCI was eclipsed by its principal competitor, the United States Steel Corporation , a huge conglomerate formed in 1901 out of

5104-431: The government in a landmark test case. In response to his concerns, Morgan sent Gary on an urgent mission to Washington that Sunday so that the deal might not be vetted by President Theodore Roosevelt himself before the stock exchange opened the next day. Convinced by Gary that U. S. Steel only wished to purchase Moore and Schley's stock in order to inject liquidity into the firm and thereby shore up investor confidence in

5192-535: The historic importance of TCI was not lost when a short book to celebrate the Tennessee Company's centenary was published by U. S. Steel in 1960: Biography of a Business . Stagnation and decline began in 1962 when a majority of the mines in the Birmingham region were closed as domestic ores and coal were superseded by cheaper foreign products, especially from Venezuela . The 1970s and 80s brought about

5280-742: The influence of the Depression of 1920–1921 and certain international conflicts such as the Polish–Soviet War , the Irish Civil War , the Turkish War of Independence and the initial phase of the Chinese Civil War . After a peak of 381.17 on September 3, 1929, the bottom of the 1929 crash came just 2 months later on November 13, 1929, at 195.35 intraday, closing slightly higher at 198.69. The Wall Street Crash of 1929 and

5368-479: The midst of a lengthy bear market. Between January 1973 and December 1974, the average lost 48% of its value in what became known as the 1973–1974 stock market crash , closing at 577.60 on December 6, 1974. The nadir came after prices dropped more than 45% over two years since the NYSE's high point of 1,003.16 on November 4, 1972. In 1976, the index reached 1,000 several times and it closed the year at 1,004.75. Although

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5456-530: The movement of the Russian ruble . On March 29, 1999, the average closed at 10,006.78, its first close above 10,000. This prompted a celebration on the New York Stock Exchange trading floor, complete with party hats. Total gains for the decade exceeded 315%; from 2,753.20 to 11,497.12, which equates to 12.3% annually. The Dow averaged a 5.3% return compounded annually for the 20th century,

5544-512: The next decade, mining and transporting coal around the towns of Cowan and Tracy City in the Cumberland Mountains , and soon branched out into coke manufacture. This practice of both extracting and moving coal to market by building private rail tracks was not unusual at the time, as by owning the tracks that served their mines, businesses could undercut rivals at market by saving money on transportation. A Thomas O'Connor purchased

5632-460: The next several years past 17,000 points until a brief 2015–2016 stock market selloff in the second half of 2015. It then picked up again in early 2016 and climbed past 25,000 points on January 4, 2018. On November 9, 2016, the day after Donald Trump 's victory over Hillary Clinton in the U.S. presidential election , the index soared, coming within roughly 25 points of its all-time intraday high to that point. Volatility returned in 2018 when

5720-424: The opinion of others, to do so would be wise, or even right. Mill, however, disregards his own analysis when it comes to colonial subjects. In On Liberty , he writes: Those who are still in a state to require being taken care of by others, must be protected against their own actions as well as against external injury. For the same reason, we may leave out of consideration those backward states of society in which

5808-500: The original twelve industrials that would eventually form Dow's most famous index. Dow calculated his first average purely of industrial stocks on May 26, 1896, creating what is now known as the Dow Jones Industrial Average . None of the original 12 industrials still remain part of the index. When it was first published in the mid-1880s, the index stood at a level of 62.76. It reached a peak of 78.38 during

5896-470: The permanent shut-down of the Fairfield Works blast furnace, steelmaking and most of the finishing operations is necessary." The decision does not impact Fairfield Tubular Operations or the electric arc furnace (EAF) construction project. 1,600 workers were laid off by November 17, 2015. Dow Jones Industrial Average The Dow Jones Industrial Average ( DJIA ), Dow Jones , or simply

5984-676: The post-Civil War era, it made extensive use of convict labor , its leaders arguing that this labor was more reliable than paid (and often unionized) labor. The company operated a stockade prison near Tracy City, which was the subject of labor unrest at the time of the Coal Creek War in northeastern Tennessee. Conditions in the prison and the coal mines were harsh, with the prison population dying at an average rate of 10% per year during its period of operation. The company also provided convict labor to other coal mining operators when they experienced or were threatened by labor action. Hostility in

6072-423: The quotations right before and after the event coincide: Since November 8, 2024, the Dow Divisor is 0.16268413125742 and every $ 1 change in price in a particular stock within the average equates to a 6.146881 (or 1 ÷ 0.16268413125742) point movement. Despite its unusual weighting by price rather than market capitalization, the Dow Jones Industrial Average is highly correlated with other proxies of

6160-412: The race itself may be considered as in its nonage. The early difficulties in the way of spontaneous progress are so great, that there is seldom any choice of means for overcoming them; and a ruler full of the spirit of improvement is warranted in the use of any expedients that will attain an end, perhaps otherwise unattainable. Despotism is a legitimate mode of government in dealing with barbarians, provided

6248-528: The same day). The index slowly retreated for the remainder of the week and into the next week, before coronavirus fears and an oil price war between Saudi Arabia and Russia sent the index into a tailspin , recording several days of losses (and gains ) of at least 1,000 points, a typical symptom of a bear market as previously seen in October 2008 during the 2007–2008 financial crisis . Volatility rose high enough to trigger multiple 15-minute trading halts . In

6336-557: The state does, that the moral equality of persons demands respect for others' liberty, and that paternalism disrupts the development of an independent character. In On Liberty , he writes: [T]he only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others. His own good, either physical or moral, is not a sufficient warrant. He cannot rightfully be compelled to do or forbear because it will be better for him to do so, because it will make him happier, because, in

6424-414: The state to the use of convict labor led to its end there in 1896. TCI relocated its offices to Birmingham in 1895, where it could still use convict labor, relegating its native state to relative unimportance. Canny investments and the purchase of major competitors in 1888 and 1892 under the direction of financier Hiram Bond , TCI Corporate General Superintendent, saw the firm grow rapidly. The corporation

6512-399: The summer of 1890, but reached its all-time low of 28.48 in the summer of 1896 during the Panic of 1896 . Many of the biggest percentage price moves in the Dow occurred early in its history, as the nascent industrial economy matured. In the 1900s, the Dow halted its momentum as it worked its way through two financial crises: the Panic of 1901 and the Panic of 1907 . The Dow remained stuck in

6600-534: The time, the index closed at a new 12-year low of 6,547.05 on March 9, 2009, its lowest close since April 1997. The Dow had lost 20% of its value in only six weeks. Towards the latter half of 2009, the average rallied towards the 10,000 level amid optimism that the Great Recession , the United States housing bubble and the 2007–2008 financial crisis , were easing and possibly coming to an end. For

6688-520: The value of the index is unaffected by the stock split. First calculated on May 26, 1896, the index is the second-oldest among U.S. market indices, after the Dow Jones Transportation Average . It was created by Charles Dow , co-founder of both The Wall Street Journal and Dow Jones & Company , and named after him and his business associate, statistician Edward Jones . The index is maintained by S&P Dow Jones Indices , an entity majority-owned by S&P Global . Its components are selected by

6776-469: The wider economy, Roosevelt granted the transaction antitrust immunity in November 1907, a decision for which he was later derided by critics as a hypocrite. Indeed, in 1911 the federal government sought to undo what it perceived to be Roosevelt's mistake and (without success) sued U. S. Steel. In the meantime, Moore and Schley was saved from collapse, the panic soon subsided and U. S. Steel was rewarded with

6864-405: The will of a person, or also that the behavior expresses an attitude of superiority. Paternalism, paternalistic and paternalist have all been used as a pejorative for example in the context of societal and/or political realms and references. Some such as John Stuart Mill think paternalism can be appropriate towards children, saying: "It is, perhaps, hardly necessary to say that this doctrine

6952-473: The year. In 2002, the Dow dropped to a four-year low of 7,286 on September 24, 2002, due to the stock market downturn of 2002 and lingering effects of the dot-com bubble . Overall, while the NASDAQ index fell roughly 75% and the S&P 500 index fell roughly 50% between 2000 and 2002, the Dow only fell 27% during the same period. In 2003, the Dow held steady within the 7,000 to 9,000-point level and recovered to

7040-415: Was paternus "fatherly", from pater "father". Soft paternalism is the view that paternalism is justified only if an action to be committed is involuntary. John Stuart Mill gives the example of a person about to walk across a damaged bridge. One cannot tell the person the bridge is damaged as he does not speak our language. According to soft paternalism, one would be justified in forcing him to not cross

7128-464: Was common for obtaining coal mining labor in Alabama at the close of the Reconstruction era. The number of convicts employed increased after U.S. Steel acquired TCI in 1907, as did the brutality of the conditions in which they labored. In 1908, the first full year of U. S. Steel's ownership of TCI, almost 60 prison workers died from workplace-related accidents. That same year, the new owners of

7216-436: Was fiercely competitive with the larger Pittsburgh steel businesses to the north, owing to the remarkable fact that all the natural resources required to produce steel were located in abundance within a relatively small radius of the Birmingham mills. The Tennessee Coal, Iron and Railroad Company was one of the largest users of prison laborers , mostly Blacks convicted of petty crimes, as a method for paying fines. This practice

7304-483: Was for several decades one of the few major heavy industries based in the largely agricultural Southern United States , by a wide margin the largest blast furnace operator in the South and at one time the second largest steel producer on the continent. Its 1900 asset sheet listed 17 blast furnaces, 3256 beehive coke ovens, 120 Solvay coke ovens, 15 red ore mines, as well an extensive network of railroads, although following

7392-624: Was founded as the Sewanee Furnace Company , a small mining concern established in 1852 by Nashville entrepreneurs seeking to exploit Tennessee's rich coal reserves and the 19th century railroad boom. After losing money, the business was sold to New York investors in 1859 and reorganized as the Tennessee Coal and Rail Company, but the outbreak of the Civil War the following year saw the fleeting company repossessed by local creditors. It became Tennessee's leading coal extractor over

7480-509: Was levied by U. S. Steel from 1909 on all steel coming out of the Birmingham region. This was an effort to negate the competitive edge of Birmingham steel over U.S. Steel's own Pittsburgh product. TCI's independence as a separate legal entity from its parent corporation ended in 1952, a century after the founding of the Sewanee Furnace Company, when it became the Tennessee Coal & Iron Division of U. S. Steel. The memory of

7568-579: Was not an entirely selfish gesture, as Morgan recognised that the failure of Moore and Schley would send investor confidence in the markets into a nose-dive. E. H. Gary , president of U. S. Steel, agreed in principle to this transaction, yet argued that without careful political maneuvering the deal would be seen by Congress as an effort to create a monopoly and thereby encounter troublesome federal anti-trust litigation. Morgan himself had been burnt by crusading Washington trust-busters in 1902 when his Northern Securities Company had been forcibly broken up by

7656-502: Was not surpassed until 1954. Marked by global instability and the Great Depression, the 1930s contended with several consequential European and Asian outbreaks of war, leading to the catastrophic World War II in 1939. Other conflicts during the decade which affected the stock market included the 1936–1939 Spanish Civil War , the 1935–1936 Second Italo-Abyssinian War , the Soviet-Japanese Border War of 1939 , and

7744-475: Was opened. This was followed by the completion of the 'High Ore Line Railroad', which connected the Red Mountain and the Fairfield works; trains literally rolled down the hill from mine to mill. In 1923 a merchant steel mill was completed, followed by the opening of a sheet products mill in 1926. TCI proved to be so efficient at making cheap steel that a post-merger internal tariff (the 'Pittsburgh Tariff')

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