[Economic Report of the President (2004)]
[Administration of George W. Bush]
[Online through the Government Printing Office, www.gpo.gov]


 
Table B-95.--Common stock prices and yields, 1969-2003
--------------------------------------------------------------------------------------------------------------------------------------------------------
Common stock prices \1\                                     Common stock yields
----------------------------------------------------------------------------------------------  (S&P) (percent) \4\
New York Stock Exchange indexes \2\                         Standard &    Nasdaq  ---------------------
-----------------------------------------------------------               Poor's    composite
Year or month                                      December 31, 1965=50               Dow Jones   composite    index    Dividend-  Earnings-
Composite  ---------------------------------------------- industrial     index     (Feb. 5,    price      price
(Dec. 31,               Transpor-                           average     (1941-      1971=    ratio \5\  ratio \6\
2002=5,000)  Industrial    tation     Utility    Finance       \2\     43=10) \2\   100) \2\
------------------------------------------------------------------------------\3\-----------------------------------------------------------------------
1969................................      578.01        57.44      46.96       85.60      70.49      876.72       97.84  .........      3.24       6.08

1970................................      483.39        48.03      32.14       74.47      60.00      753.19       83.22  .........      3.83       6.45
1971................................      573.33        57.92      44.35       79.05      70.38      884.76       98.29     107.44      3.14       5.41
1972................................      637.52        65.73      50.17       76.95      78.35      950.71      109.20     128.52      2.84       5.50
1973................................      607.11        63.08      37.74       75.38      70.12      923.88      107.43     109.90      3.06       7.12
1974................................      463.54        48.08      31.89       59.58      49.67      759.37       82.85      76.29      4.47      11.59
1975................................      483.55        50.52      31.10       63.00      47.14      802.49       86.16      77.20      4.31       9.15
1976................................      575.85        60.44      39.57       73.94      52.94      974.92      102.01      89.90      3.77       8.90
1977................................      567.66        57.86      41.09       81.84      55.25      894.63       98.20      98.71      4.62      10.79
1978................................      567.81        58.23      43.50       78.44      56.65      820.23       96.02     117.53      5.28      12.03
1979................................      616.68        64.76      47.34       76.41      61.42      844.40      103.01     136.57      5.47      13.46

1980................................      720.15        78.70      60.61       74.69      64.25      891.41      118.78     168.61      5.26      12.66
1981................................      782.62        85.44      72.61       77.81      73.52      932.92      128.05     203.18      5.20      11.96
1982................................      728.84        78.18      60.41       79.49      71.99      884.36      119.71     188.97      5.81      11.60
1983................................      979.52       107.45      89.36       93.99      95.34    1,190.34      160.41     285.43      4.40       8.03
1984................................      977.33       108.01      85.63       92.89      89.28    1,178.48      160.46     248.88      4.64      10.02
1985................................    1,142.97       123.79     104.11      113.49     114.21    1,328.23      186.84     290.19      4.25       8.12
1986................................    1,438.02       155.85     119.87      142.72     147.20    1,792.76      236.34     366.96      3.49       6.09
1987................................    1,709.79       195.31     140.39      148.59     146.48    2,275.99      286.83     402.57      3.08       5.48
1988................................    1,585.14       180.95     134.12      143.53     127.26    2,060.82      265.79     374.43      3.64       8.01
1989................................    1,903.36       216.23     175.28      174.87     151.88    2,508.91      322.84     437.81      3.45       7.42

1990................................    1,939.47       225.78     158.62      181.20     133.26    2,678.94      334.59     409.17      3.61       6.47
1991................................    2,181.72       258.14     173.99      185.32     150.82    2,929.33      376.18     491.69      3.24       4.79
1992................................    2,421.51       284.62     201.09      198.91     179.26    3,284.29      415.74     599.26      2.99       4.22
1993................................    2,638.96       299.99     242.49      228.90     216.42    3,522.06      451.41     715.16      2.78       4.46
1994................................    2,687.02       315.25     247.29      209.06     209.73    3,793.77      460.42     751.65      2.82       5.83
1995................................    3,078.56       367.34     269.41      220.30     238.45    4,493.76      541.72     925.19      2.56       6.09
1996................................    3,787.20       453.98     327.33      249.77     303.89    5,742.89      670.50   1,164.96      2.19       5.24
1997................................    4,827.35       574.52     414.60      283.82     424.48    7,441.15      873.43   1,469.49      1.77       4.57
1998................................    5,818.26       681.57     468.69      378.12     516.35    8,625.52    1,085.50   1,794.91      1.49       3.46
1999................................    6,546.81       774.78     491.60      473.73     530.86   10,464.88    1,327.33   2,728.15      1.25       3.17

2000................................    6,805.89       810.63     413.60      477.65     553.13   10,734.90    1,427.22   3,783.67      1.15       3.63
2001................................    6,397.85       748.26     443.59      377.30     595.61   10,189.13    1,194.18   2,035.00      1.32       2.95
2002................................    5,578.89       657.37     431.10      260.85     555.27    9,226.43      993.94   1,539.73      1.61       2.92
2003................................    5,447.93       633.18     436.51      237.77     565.75    8,993.59      965.23   1,647.17      1.77   .........

2002: Jan...........................    6,151.15       723.56     446.13      322.49     591.94    9,923.80    1,140.21   1,976.77      1.38   .........
Feb...........................    6,022.23       715.80     453.51      301.32     570.18    9,891.05    1,100.67   1,799.72      1.43   .........
Mar...........................    6,352.08       751.79     490.51      316.27     609.72   10,500.95    1,153.79   1,863.05      1.37       2.15
Apr...........................    6,212.88       732.71     470.00      300.66     610.24   10,165.18    1,112.03   1,758.80      1.42   .........
May...........................    6,087.85       718.12     459.55      287.10     603.15   10,080.48    1,079.27   1,660.31      1.47   .........
June..........................    5,755.89       677.58     449.42      265.21     577.05    9,492.44    1,014.05   1,505.49      1.58       2.70

July..........................    5,139.94       603.04     416.10      230.19     524.01    8,616.52      903.59   1,346.09      1.76   .........
Aug...........................    5,200.62       611.34     409.96      225.52     533.60    8,685.48      912.55   1,327.36      1.72   .........
Sept..........................    4,980.65       589.14     388.19      210.76     506.05    8,160.78      867.81   1,251.07      1.80       3.68
Oct...........................    4,862.70       574.45     383.41      207.83     494.06    8,048.12      854.63   1,241.91      1.86   .........
Nov...........................    5,104.89       597.75     405.03      229.41     523.50    8,625.72      909.93   1,409.15      1.73   .........
Dec...........................    5,075.76       593.15     401.39      233.38     519.72    8,526.66      899.18   1,387.15      1.77       3.14

2003: Jan...........................    5,055.78       587.78     394.84      236.43     522.51    8,474.59      895.84   1,389.56      1.80   .........
Feb...........................    4,738.56       553.90     367.55      214.63     485.33    7,916.18      837.62   1,313.26      1.95   .........
Mar...........................    4,724.22       558.10     366.90      211.45     486.71    7,977.73      846.62   1,348.50      1.93       3.57
Apr...........................    4,977.45       583.74     395.85      221.06     522.05    8,332.09      890.03   1,409.83      1.83   .........
May...........................    5,269.96       613.26     425.12      238.33     549.91    8,623.41      935.96   1,524.18      1.75   .........
June..........................    5,583.42       649.25     441.81      254.16     579.48    9,098.07      988.00   1,631.75      1.66       3.55

July..........................    5,567.94       648.00     445.29      244.67     588.81    9,154.39      992.54   1,716.85      1.71   .........
Aug...........................    5,580.87       651.19     451.31      238.06     582.20    9,284.78      989.53   1,724.82      1.78   .........
Sept..........................    5,748.42       670.18     464.61      243.37     593.10    9,492.54    1,019.44   1,856.22      1.73       3.88
Oct...........................    5,894.39       678.51     477.99      245.96     616.46    9,682.46    1,038.73   1,907.89      1.71   .........
Nov...........................    5,989.42       689.30     497.44      248.01     624.02    9,762.20    1,049.90   1,939.25      1.69   .........
Dec...........................    6,244.68       714.93     509.35      257.12     638.41   10,124.66    1,080.64   1,956.98      1.67   .........

--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Averages of daily closing prices.
\2\ Includes stocks as follows: for NYSE, all stocks listed (nearly 3,000); for Dow Jones industrial average, 30 stocks; for S&P composite index, 500
stocks; and for Nasdaq composite index, over 5,000.
\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.--Data for NYSE composite index reflect the new composite index, released on January 9, 2003 by the NYSE, incorporating new methodology,
definitions and base value.

Sources: New York Stock Exchange (NYSE), Dow Jones & Co., Inc., Standard & Poor's (S&P), and Nasdaq Stock Market.