[Economic Report of the President (2005)]
[Administration of George W. Bush]
[Online through the Government Printing Office, www.gpo.gov]


 
Table B-95.--Historical stock prices and yields, 1949-2003
--------------------------------------------------------------------------------------------------------------------------------------------------------
Common stock prices \1\                                       Common stock yields
-------------------------------------------------------------------------------------------------  (S&P) (percent) \5\
New York Stock Exchange indexes \2\                            Standard    Nasdaq  ---------------------
---------------------------------------------------------------              & Poor's  composite
Year                 Composite                 December 31, 1965=50                 Dow Jones  composite    index    Dividend-  Earnings-
(Dec. 31, --------------------------------------------------- industrial    index     (Feb. 5,    price      price
2002=      Com-    Indus-  Transpor-                          average     (1941-     1971=    ratio \6\  ratio \7\
5,000) \3\   posite   trial     tation     Utility    Finance      \2\       43=10)    100) \2\
--------------------------------------------------------------------------------\4\------------------------------\2\------------------------------------
1949.............................  ..........     9.02  .......  .........  ..........  ........      179.48      15.23  .........     6.59      15.48

1950.............................  ..........    10.87  .......  .........  ..........  ........      216.31      18.40  .........     6.57      13.99
1951.............................  ..........    13.08  .......  .........  ..........  ........      257.64      22.34  .........     6.13      11.82
1952.............................  ..........    13.81  .......  .........  ..........  ........      270.76      24.50  .........     5.80       9.47
1953.............................  ..........    13.67  .......  .........  ..........  ........      275.97      24.73  .........     5.80      10.26
1954.............................  ..........    16.19  .......  .........  ..........  ........      333.94      29.69  .........     4.95       8.57

1955.............................  ..........    21.54  .......  .........  ..........  ........      442.72      40.49  .........     4.08       7.95
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.............................     487.92     46.15    46.18     50.26       90.81      44.45      873.60      85.26  .........     3.40       6.63
1967.............................     536.84     50.77    51.97     53.51       90.86      49.82      879.12      91.93  .........     3.20       5.73
1968.............................     585.47     55.37    58.00     50.58       88.38      65.85      906.00      98.70  .........     3.07       5.67
1969.............................     578.01     54.67    57.44     46.96       85.60      70.49      876.72      97.84  .........     3.24       6.08

1970.............................     483.39     45.72    48.03     32.14       74.47      60.00      753.19      83.22  .........     3.83       6.45
1971.............................     573.33     54.22    57.92     44.35       79.05      70.38      884.76      98.29     107.44     3.14       5.41
1972.............................     637.52     60.29    65.73     50.17       76.95      78.35      950.71     109.20     128.52     2.84       5.50
1973.............................     607.11     57.42    63.08     37.74       75.38      70.12      923.88     107.43     109.90     3.06       7.12
1974.............................     463.54     43.84    48.08     31.89       59.58      49.67      759.37      82.85      76.29     4.47      11.59

1975.............................     483.55     45.73    50.52     31.10       63.00      47.14      802.49      86.16      77.20     4.31       9.15
1976.............................     575.85     54.46    60.44     39.57       73.94      52.94      974.92     102.01      89.90     3.77       8.90
1977.............................     567.66     53.69    57.86     41.09       81.84      55.25      894.63      98.20      98.71     4.62      10.79
1978.............................     567.81     53.70    58.23     43.50       78.44      56.65      820.23      96.02     117.53     5.28      12.03
1979.............................     616.68     58.32    64.76     47.34       76.41      61.42      844.40     103.01     136.57     5.47      13.46

1980.............................     720.15     68.10    78.70     60.61       74.69      64.25      891.41     118.78     168.61     5.26      12.66
1981.............................     782.62     74.02    85.44     72.61       77.81      73.52      932.92     128.05     203.18     5.20      11.96
1982.............................     728.84     68.93    78.18     60.41       79.49      71.99      884.36     119.71     188.97     5.81      11.60
1983.............................     979.52     92.63   107.45     89.36       93.99      95.34    1,190.34     160.41     285.43     4.40       8.03
1984.............................     977.33     92.46   108.01     85.63       92.89      89.28    1,178.48     160.46     248.88     4.64      10.02

1985.............................   1,142.97    108.09   123.79    104.11      113.49     114.21    1,328.23     186.84     290.19     4.25       8.12
1986.............................   1,438.02    136.00   155.85    119.87      142.72     147.20    1,792.76     236.34     366.96     3.49       6.09
1987.............................   1,709.79    161.70   195.31    140.39      148.59     146.48    2,275.99     286.83     402.57     3.08       5.48
1988.............................   1,585.14    149.91   180.95    134.12      143.53     127.26    2,060.82     265.79     374.43     3.64       8.01
1989.............................   1,903.36    180.02   216.23    175.28      174.87     151.88    2,508.91     322.84     437.81     3.45       7.42

1990.............................   1,939.47    183.46   225.78    158.62      181.20     133.26    2,678.94     334.59     409.17     3.61       6.47
1991.............................   2,181.72    206.33   258.14    173.99      185.32     150.82    2,929.33     376.18     491.69     3.24       4.79
1992.............................   2,421.51    229.01   284.62    201.09      198.91     179.26    3,284.29     415.74     599.26     2.99       4.22
1993.............................   2,638.96    249.58   299.99    242.49      228.90     216.42    3,522.06     451.41     715.16     2.78       4.46
1994.............................   2,687.02    254.12   315.25    247.29      209.06     209.73    3,793.77     460.42     751.65     2.82       5.83

1995.............................   3,078.56    291.15   367.34    269.41      220.30     238.45    4,493.76     541.72     925.19     2.56       6.09
1996.............................   3,787.20    358.17   453.98    327.33      249.77     303.89    5,742.89     670.50   1,164.96     2.19       5.24
1997.............................   4,827.35    456.54   574.52    414.60      283.82     424.48    7,441.15     873.43   1,469.49     1.77       4.57
1998.............................   5,818.26    550.26   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    619.16   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    643.66   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    605.07   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    527.62   657.37    431.10      260.85     555.27    9,226.43     993.94   1,539.73     1.61       2.92
2003.............................   5,447.46     (\3\)   633.18    436.51      237.77     565.75    8,993.59     965.23   1,647.17     1.77       3.84

--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Averages of daily closing prices.
\2\ Includes stocks as follows: for NYSE, all stocks listed; for Dow Jones industrial average, 30 stocks; for S&P composite index, 500 stocks; and for
Nasdaq composite index, over 5,000.
\3\ The NYSE relaunched the composite index on January 9, 2003, incorporating new definitions, methodology, and base value. (The composite index based
on December 31, 1965=50 was discontinued.) Subset indexes on financial, energy, and health care were released by the NYSE on January 8, 2004 (see
Table B-96). NYSE indexes shown in this table for industrials, utilities, transportation, and finance were discontinued.
\4\ 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.
\5\ Based on 500 stocks in the S&P composite index.
\6\ 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.
\7\ 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.

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