[Economic Report of the President (1999)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



CORPORATE PROFITS AND FINANCE


[[Page 436]]


Table B-95.--Common stock prices and yields, 1956-98
--------------------------------------------------------------------------------------------------------------------------------------------------------
Common stock prices\1\                                        Common stock yields
------------------------------------------------------------------------------------------       (S&P)(percent)\4\
New York Stock Exchange indexes  (Dec. 31, 1965=50)\2\    Dow  Jones     Standard &   -----------------------------
Year or month          -------------------------------------------------------------                  Poor's
industrial  composite index  Dividendprice  Earningsprice
Composite  Industrial  Transportation  Utility\3\   Finance  average\2\  (1941-43=10)\2\     ratio\5\       ratio\6\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1956............................      24.40  ..........  ..............  ..........  ........      493.01         46.62            4.09           7.55
1957............................      23.67  ..........  ..............  ..........  ........      475.71         44.38            4.35           7.89
1958............................      24.56  ..........  ..............  ..........  ........      491.66         46.24            3.97           6.23
1959............................      30.73  ..........  ..............  ..........  ........      632.12         57.38            3.23           5.78

1960............................      30.01  ..........  ..............  ..........  ........      618.04         55.85            3.47           5.90
1961............................      35.37  ..........  ..............  ..........  ........      691.55         66.27            2.98           4.62
1962............................      33.49  ..........  ..............  ..........  ........      639.76         62.38            3.37           5.82
1963............................      37.51  ..........  ..............  ..........  ........      714.81         69.87            3.17           5.50
1964............................      43.76  ..........  ..............  ..........  ........      834.05         81.37            3.01           5.32
1965............................      47.39  ..........  ..............  ..........  ........      910.88         88.17            3.00           5.59
1966............................      46.15       46.18        50.26         90.81      44.45      873.60         85.26            3.40           6.63
1967............................      50.77       51.97        53.51         90.86      49.82      879.12         91.93            3.20           5.73
1968............................      55.37       58.00        50.58         88.38      65.85      906.00         98.70            3.07           5.67
1969............................      54.67       57.44        46.96         85.60      70.49      876.72         97.84            3.24           6.08

1970............................      45.72       48.03        32.14         74.47      60.00      753.19         83.22            3.83           6.45
1971............................      54.22       57.92        44.35         79.05      70.38      884.76         98.29            3.14           5.41
1972............................      60.29       65.73        50.17         76.95      78.35      950.71        109.20            2.84           5.50
1973............................      57.42       63.08        37.74         75.38      70.12      923.88        107.43            3.06           7.12
1974............................      43.84       48.08        31.89         59.58      49.67      759.37         82.85            4.47          11.59
1975............................      45.73       50.52        31.10         63.00      47.14      802.49         86.16            4.31           9.15
1976............................      54.46       60.44        39.57         73.94      52.94      974.92        102.01            3.77           8.90
1977............................      53.69       57.86        41.09         81.84      55.25      894.63         98.20            4.62          10.79
1978............................      53.70       58.23        43.50         78.44      56.65      820.23         96.02            5.28          12.03
1979............................      58.32       64.76        47.34         76.41      61.42      844.40        103.01            5.47          13.46

1980............................      68.10       78.70        60.61         74.69      64.25      891.41        118.78            5.26          12.66
1981............................      74.02       85.44        72.61         77.81      73.52      932.92        128.05            5.20          11.96
1982............................      68.93       78.18        60.41         79.49      71.99      884.36        119.71            5.81          11.60
1983............................      92.63      107.45        89.36         93.99      95.34    1,190.34        160.41            4.40           8.03
1984............................      92.46      108.01        85.63         92.89      89.28    1,178.48        160.46            4.64          10.02
1985............................     108.09      123.79       104.11        113.49     114.21    1,328.23        186.84            4.25           8.12
1986............................     136.00      155.85       119.87        142.72     147.20    1,792.76        236.34            3.49           6.09
1987............................     161.70      195.31       140.39        148.59     146.48    2,275.99        286.83            3.08           5.48
1988............................     149.91      180.95       134.12        143.53     127.26    2,060.82        265.79            3.64           8.01
1989............................     180.02      216.23       175.28        174.87     151.88    2,508.91        322.84            3.45           7.42

1990............................     183.46      225.78       158.62        181.20     133.26    2,678.94        334.59            3.61           6.47
1991............................     206.33      258.14       173.99        185.32     150.82    2,929.33        376.18            3.24           4.79
1992............................     229.01      284.62       201.09        198.91     179.26    3,284.29        415.74            2.99           4.22
1993............................     249.58      299.99       242.49        228.90     216.42    3,522.06        451.41            2.78           4.46
1994............................     254.12      315.25       247.29        209.06     209.73    3,793.77        460.42            2.82           5.83
1995............................     291.15      367.34       269.41        220.30     238.45    4,493.76        541.72            2.56           6.09
1996............................     358.17      453.98       327.33        249.77     303.89    5,742.89        670.50            2.19           5.24
1997............................     456.54      574.52       414.60        283.82     424.48    7,441.15        873.43            1.77           4.57
1998............................     550.26      681.57       468.69        378.12     516.35    8,625.52      1,085.50            1.49    .............

1997:Jan........................     403.58      509.64       359.40        263.91     361.45    6,707.03        766.22            1.95    .............
Feb.........................     418.57      524.30       364.15        271.36     388.75    6,917.48        798.39            1.89    .............
Mar.........................     416.72      523.08       372.87        264.78     387.21    6,901.12        792.16            1.91           5.31
Apr.........................     401.00      506.69       366.67        253.18     364.25    6,657.50        763.93            1.98    .............
May.........................     433.36      549.65       395.50        268.18     392.32    7,242.36        833.09            1.85    .............
June........................     457.07      578.57       410.94        280.48     419.12    7,599.60        876.29            1.77           4.58
July........................     480.94      610.42       433.75        288.51     441.59    7,990.65        925.29            1.66    .............
Aug.........................     481.53      609.54       439.71        287.63     446.93    7,948.43        927.74            1.65    .............
Sept........................     489.74      617.94       451.63        291.87     459.86    7,866.59        937.02            1.65           4.29
Oct.........................     499.25      625.22       466.04        302.83     476.70    7,875.82        951.16            1.61    .............
Nov.........................     492.08      615.57       453.49        307.52     465.29    7,677.36        938.92            1.65    .............
Dec.........................     504.66      623.57       461.04        325.60     490.30    7,909.82        962.37            1.62           4.09

1998:Jan........................     504.13      624.61       458.49        332.50     479.81    7,808.35        963.36            1.62    .............
Feb.........................     532.15      660.91       485.73        341.91     508.97    8,323.61      1,023.74            1.55    .............
Mar.........................     560.70      693.13       508.06        367.48     539.47    8,709.47      1,076.83            1.48           3.59
Apr.........................     578.05      711.89       523.73        378.92     563.07    9,037.44      1,112.20            1.43    .............
May.........................     574.46      712.39       505.02        372.62     551.28    9,080.07      1,108.42            1.45    .............
June........................     569.76      704.14       492.98        376.51     548.57    8,872.96      1,108.39            1.45           3.44
July........................     586.39      718.54       503.89        388.78     579.67    9,097.14      1,156.58            1.39    .............
Aug.........................     539.16      665.66       441.36        372.48     511.22    8,478.52      1,074.62            1.48    .............
Sept........................     506.56      629.51       408.75        372.33     454.28    7,909.79      1,020.64            1.59           3.75
Oct.........................     511.49      636.62       396.61        390.17     448.12    8,164.47      1,032.47            1.59    .............
Nov.........................     564.26      704.46       442.95        412.59     501.45    9,005.75      1,144.43            1.43    .............
Dec.........................     576.05      717.00       456.70        431.14     510.31    9,018.68      1,190.05            1.37    .............
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\1\Averages of daily closing prices, except NYSE data through May 1964 are averages of weekly closing prices.
\2\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 index,
500 stocks.
\3\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.
\4\Based on 500 stocks in the S&P composite index.
\5\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 Corporation (S&P).