TY - JOUR T1 - The DJIA Crossed 652,230 JF - The Journal of Portfolio Management SP - 89 LP - 92 DO - 10.3905/jpm.2000.319741 VL - 26 IS - 2 AU - Roger G. Clarke AU - Meir Statman Y1 - 2000/01/31 UR - https://pm-research.com/content/26/2/89.abstract N2 - 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. ER -