道琼斯工业平均指数：修订间差异

儘管道瓊斯工业平均指数是历史最悠久、最经常受关注的股票指数之一，但不少专业人士认为，与标準普尔 500 指数或罗素 3000 指数等等，更广泛的市场指数相比，道瓊斯工业平均指数仅包括 30 家大公司，不足以代表整个美国股市。此外，道瓊斯工业平均指数也不使用加权算术平均值。<ref>{{cite web | title=Standard & Poor's 500 Index – S&P 500 | url=https://www.investopedia.com/terms/s/sp500.asp | publisher=[[Investopedia]] | access-date=2019-09-15 | | | }}</ref><ref>{{cite news | last=Deporre | first=James | title=Ignore the Misleading Dow Jones Industrial Average | url=https://realmoney.thestreet.com/articles/09/07/2018/ignore-misleading-dow-jones-industrial-average | work=[[TheStreet.com]] | date=2018-09-07 | access-date=2019-08-12 | | | }}</ref><ref>{{cite news | last=Floyd | first=David | title=Discover What Makes the Dow Jones Industrial Average Stupid | url=https://www.investopedia.com/articles/investing/010917/opinion-dow-stupid.asp | work=[[Investopedia]] | date=2019-06-25 | access-date=2019-08-12 | | | }}</ref><ref>{{cite news | last=Dzombak | first=Dan | title=Why the Dow Jones Industrial Average Is Useless | url=https://www.fool.com/investing/general/2014/04/18/why-the-dow-jones-industrial-average-is-useless.aspx | work=[[The Motley Fool]] | date=Apr 18, 2014 | access-date=2019-08-12 | | | }}</ref>

{{As of|2021|06|03|df=US|lc=y|post=,}}道瓊斯数为 0.15188516925198 <ref>{{cite web |url=https://www.barrons.com/market-data/market-lab |title=Market Laboratory |website=Barrons.com |date=2020-08-31 |access-date=2020-09-05 |||}}</ref>。

[[File:DJIA Trading Volume.png|缩略图|1929 年至 2012 年道指股票月度交易量]]

它象征了美国工业中最重要的12项股票，分别如下：<ref>{{cite news | url=https://www.forbes.com/sites/steveschaefer/2011/07/15/the-first-12-dow-components-where-are-they-now/ | title=The First 12 Dow Components: Where Are They Now? | first=Steve | last=Schaefer | work=[[Forbes]] | date=2011-07-15 | access-date=2019-09-15 | | | }}</ref>

# [[联合利华|美国棉花油公司]]{{NoteTag|Hellmann's and Best Foods 的前身公司，现为[[联合利华]]的一部份。<ref name=最先的12项股票>{{cite news | url=https://www.fool.com/investing/general/2013/04/09/what-happened-to-the-first-12-stocks-on-the-dow.aspx | title=What Happened to the First 12 Stocks on the Dow? | first=Alex | last=Planes | work=[[The Motley Fool]] | date=2013-04-09 | access-date=2019-09-15 | | | }}</ref>}}

# [[蒸餾及家牛飼料公司]]{{NoteTag|前身是 LyondellBasell 的一个部门，现为Millennium Chemicals。<ref name=最先的12项股票/><ref>{{cite press release | url=https://lyondellbasell.mediaroom.com/index.php?s=43&item=54 | title=Lyondell Completes Acquisition of Millennium Chemicals | publisher=[[PR Newswire]] | date=2004-12-01 | access-date=2019-09-15 | | | }}</ref>}}

在 1900 年代，因为[[1901年的恐慌]]和[[1907年的恐慌]]两次金融危机，增幅势头被打断，直到 1914 年底，指数一直徘徊于 53 到 103 点之间。{{NoteTag|该指数于 1906 年首次突破 100。}}<ref name="millennium">{{cite news | url=https://money.cnn.com/1997/07/16/markets/dow_milestones/ | title=Dow millennium marks | work=[[CNN]] | date=1997-07-16 | access-date=2019-09-15 | | | }}</ref>

[[File:DJIA during 911.svg|缩略图|[[九一一袭击事件]]后急跌 14.3% 至交易所于 2001 年 9 月 12 日至 9 月 16 日关闭。]]

[[File:DJIA 2000s graph (log).svg|缩略图|2000 年 1 月至 2015 年 2 月的道瓊斯指数]]

资料源自spindices<ref name="Spindices">{{Cite web|url=https://us.spindices.com/indexology/djia-and-sp-500/sizzlers-and-fizzlers|title=Sizzlers and Fizzlers|website=us.spindices.com|access-date=2018-03-16|||}}</ref>。

|<ref>{{cite web| url=https://www.marketwatch.com/story/us-stock-futures-lower-as-market-readies-to-reopen-after-christmas-eve-meltdown-2018-12-26| title=Dow soars over 1,000 points as stocks bounce back from Christmas Eve meltdown| date=2018-12-26| first1=William| last1=Watts| first2=Barbara| last2=Kollmeyer| website=marketwatch.com| access-date=2018-12-27| | | }}</ref>

|<ref>{{cite web| url=https://www.marketwatch.com/story/stock-futures-point-to-higher-start-as-us-china-trade-talks-set-to-resume-2019-01-04| title=Dow closes more than 700 points higher as investors cheer jobs data, Powell comments| date=2019-01-04| website=marketwatch.com| access-date=2019-06-05| | | }}</ref>

|<ref>{{cite web| url=https://www.usatoday.com/story/money/2018/03/26/stock-market-mounts-big-rebound-trade-war-fears-ease/458009002/| title=Dow rebounds by 669 points, its best day since 2008, as trade war fears ease in stock market| first=Adam| last=Shell| website=[[USA Today]]| date=2018-03-26| access-date=2018-03-29| | | }}</ref>

|<ref>{{cite web| url=https://www.cnbc.com/2020/03/15/traders-await-futures-open-after-fed-cuts-rates-launches-easing-program.html|title=Dow drops nearly 3,000 points, as coronavirus collapse continues; worst day since '87|first1=Fred|last1=Imbert|website=CNBC| date=2020-03-16| access-date=2020-03-16| | | }}</ref>

|<ref>{{cite web|url=https://techcrunch.com/2020/03/12/stocks-dive-on-dows-worst-day-since-1987-tech-crashes-and-bitcoin-is-no-haven/| title=Stocks dive on Dow's worst day since 1987, tech crashes and Bitcoin is no haven| first1=Kirsten| last1=Korosec| first2=Jonathan| last2=Shieber| first3=Alex| last3=Wilhelm| date=2020-03-12| website=techcrunch.com| | | }}</ref>

| <ref name="feb2018">{{cite web| url=https://www.bloomberg.com/news/articles/2018-02-05/bad-day-turns-terrifying-as-dow-suffers-worst-point-plunge-ever| title=Bad Day Turns Terrifying With the Dow's Dramatic Drop| first1=Lu| last1=Wang| first2=Jeran| last2=Wittenstein| date=2018-02-05| website=[[Bloomberg News]]| access-date=2018-02-05| | | }}</ref>

| <ref name="feb82018">{{cite web| url=http://www.cbc.ca/news/business/stocks-markets-dollar-1.4526399| title=Dow plunges 1,000 points as market swoons again| date=2018-02-09| website=[[CBC News]]| access-date=2018-02-08| | | }}</ref>

| <ref>{{cite web| url=https://www.cnbc.com/2018/10/10/us-markets-bond-yields-and-data-in-focus.html| title=Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout| first=Fred| last=Imbert| date=2018-10-10| website=cnbc.com| access-date=2018-11-06| | | }}</ref>

| <ref name="d20181204">{{cite web| url=https://www.cnn.com/2018/12/04/investing/stock-market-today-dow-jones/index.html| title=Dow plunges 799 points on trade, slowdown fears| first=Matt| last=Egan| date=2018-12-04| website=cnn.com| access-date=2018-12-04| | | }}</ref>

由于仅含 30 只股票，Ric Edelman 等批评人士认为，与标準普尔 500 指数或罗素 3000 指数等更全面的指数相比，道瓊斯工业平均指数不能準确反映整体市场表现。此外，道瓊斯工业平均指数被批评为价格加权指数，与价格较低的股票相比，高价股票对平均水平的影响更大，但沒有考慮成分的相对行业规模或市值。{{NoteTag|例如，低价股票上漲 1 美元可以被高价股票下跌 1 美元抵消，即使低价股票经历了更大的百分比变化。}}{{NoteTag|此外，道瓊斯指数最小成分的 1 美元波动与平均指数最大成分的 1 美元波动具有相同的影响。例如，在 2008 年 9 月至 10 月期间，前组成部分 AIG 的反向拆分调整后股价从 9 月 8 日的 22.76 美元暴跌至 10 月 27 日的 1.35 美元；导致该指数下跌约 3,000 点。}}<ref>{{cite news | last=La Monica | first=Paul | url=https://money.cnn.com/2008/09/14/markets/thebuzz/ | title=Toss AIG from the Dow! | work=[[CNN]] | date=2008-09-15 | access-date=2019-09-15 | | | }}</ref>