[39] In October 1997, 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. [60][61][62] By early January 2019, the index had quickly rallied more than 10% from its Christmas Eve low. This prompted a celebration on the trading floor, complete with party hats.[48]. [68] In the first quarter of 2020, the DJI fell 23%, its worst quarter since 1987.[69]. Although it is one of the most commonly followed equity indices, many consider the Dow to be an inadequate representation of the overall U.S. stock market compared to broader market indices such as the S&P 500 Index or Russell 3000 because it only includes 30 large cap companies, is not weighted by market capitalization, and does not use a weighted arithmetic mean.[4][5][6][7]. The acquisition proved to be synergistic in terms of growth, allowing a broader and deeper presentation to clients with regard to value-added chemicals, plastics, and materials, but also in terms of costs. [56], Six years after its previous high in 2007, the Dow finally closed at a new record high on March 5, 2013. Dow is a materials science leader committed to delivering innovative and sustainable solutions for customers in packaging, infrastructure and consumer care. On September 15, 2008, a wider financial crisis became evident when Lehman Brothers filed for bankruptcy along with the economic effect of record high oil prices which had reached almost $150 per barrel two months earlier. [11] Liveris, appointed CEO in 2004 after the board of directors unanimously selected him in part based upon his plan to transform Dow, began to implement the new strategy. Total gains for the decade exceeded 315%; from the 2,753 level to 11,497, which equates to 12.3% annually. Liveris was born in Darwin, Australia. To calculate the DJIA, the sum of the prices of all 30 stocks is divided by a divisor, the Dow Divisor. 1 Power Player in the global chemical markets by ICIS Chemical Business magazine, 2011, Distinguished Performance Award for Excellence in Public Policy from the, 2011, International Leadership Award from the, 2011, Legend in Leadership from the Yale Chief Executive Leadership Institute at the. There were no clear reasons given to explain the crash. Dow's Andrew Liveris awarded AO for services to international business. Although the Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution in 1979. The credit crisis caused one of Dow's joint venture partners, Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), to withdraw from a planned partnership in basic plastics, despite an agreed contract, depriving Dow of $9 billion in proceeds designated to fund the Rohm and Haas deal. Liveris is also a former president of the International Council of Chemical Associations. [49], On September 17, 2001, the first day of trading after the September 11 attacks, the Dow fell 7.1%. Take your favorite fandoms with you and never miss a beat. Trading is typically carried out in an open outcry auction, or over an electronic network such as CME's Globex platform. On July 30, 1914, as the average stood at a level of 71.42, a decision was made to close down the New York Stock Exchange, and suspend trading for a span of four and a half months. Apparatus Roster Edit. [63], Overall in the 2010s decade, the Dow increased from 10,428 to 28,538 points for a substantial gain of 174%. [32], The following table shows the annual development of the Dow Jones Index, which was calculated back to 1885. Failing to support American manufacturing, as well as research and development, undermines America's potential to engage in new growth sectors such as clean energy and nanotechnology. 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. [1][7] He attended Darwin High School until 1974 when Darwin was hit by Cyclone Tracy. The present divisor, after many adjustments, is less than one (meaning the index is larger than the sum of the prices of the components). 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 the United States on par with the gold standard.

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