PT - JOURNAL ARTICLE AU - Roger G. Clarke AU - Meir Statman TI - The DJIA Crossed 652,230 AID - 10.3905/jpm.2000.319741 DP - 2000 Jan 31 TA - The Journal of Portfolio Management PG - 89--92 VI - 26 IP - 2 4099 - https://pm-research.com/content/26/2/89.short 4100 - https://pm-research.com/content/26/2/89.full AB - The DJIA, like most indexes, is a capital index. It excludes dividends. The DJIA was initiated in 1896 at 40.94 and reached 9,181.43 by the end of 1998. The authors show that a wealth DJIA, an index that accounts for reinvestment of dividends, would have reached 652,230.87 by the end of 1998. Adjusted for inflation, the wealth DJIA would have reached 31,469.30.