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Dow Jones Average indicators used to measure and report value changes in representative stock groupings on the New York stock exchange. There are four different averages—industrial stocks, transportation stocks, utility stocks, and a composite average of all three. Although the industrial average is the most frequently cited, it has been criticized for consisting of only blue-chip stocks and for its inability to adjust accurately—in spite of a sophisticated mathematical formula—for dividends and stock splits; some analysts feel that other indexes, such as the Standard & Poor's 500, are more accurate reflections of market activity. The average is quoted in points, not in dollars; in 1896, the industrial average was at 40.94 points. In 1972 the average passed 1,000, and in 1999 it closed above 10,000.
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