Nearly 103 years after its creation by Dow Jones & Co. co-founder Charles Dow, on March 29, 1999 the Dow Jones Industrial Average (DJIA) surged 184.54 points or 1.88% to close at 10006.78. The industrials topped 10000 at 2:29 p.m. EST, fell back four minutes later, and then, after vacillating above and below the level, finally moved above it just before 3:15 p.m. and stayed there. The day's high was 10040.36. At the end of Big Board trading, 25 of the 30 industrials were up. In the end, it was a broad range of large stocks that helped the overall market gain, consisting of technology, oil, retailing and banking stocks.
The historic close also was helped along by a little quirk, Coca-Cola, a Dow-Industrial component, finished Big Board primary trading up 1 7/8. But after the 4 p.m. end of Big Board primary trading, on which the industrial average is calculated, Coke said first-quarter case sales would decline from a year ago. Coke then fell 2 3/8 and finished down 1/2 at 64 13/16 in composite trading, which reflects trading on other exchanges after the Big Board close. That swing translates to a drop of more than 10 points in the overall industrial average. So, if the news had come out during Big Board trading, it would have kept the industrials below 10000.
|May 26, 1896||Index is launched by Charles Dow at 40.94 points. The Dow Jones Industrial Average then had only 12 stocks, not 30.|
|October 28-29, 1929||Stock market crashes at 12.82% and 11.73% back to back (38.33 and 30.57 points), and ushers in the Great Depression.|
|February 8, 1971||NASDAQ Stock Market is born.|
|November 14, 1972||Dow's first close above 1000, called Wall Street's equivalent of breaking the sound barrier.|
|August 12, 1982||Birth of the long-term bull market as viewed by some analysts.|
|October 19, 1987||Black Monday crash of record at 22.61% or 508 points.|
|October 11, 1990||Commonly recognized start of current bull market.|
|November 21, 1995||DJIA has first-ever close above 5000 nine months after hitting 4000.|
|May 1996||Centennial of Dow Jones Industrial Average is celebrated.|
|December 5, 1996||Greenspan warns of "irrational exuberance" in markets.|
|October 27-28, 1997||Biggest-ever point loss at 554.26 (but only 7.18%) followed by then-biggest point gain; 337.17 (4.71%)|
|September 8, 1998||Biggest-ever point gain at 380.53, or 4.98%, after seven weeks of declines on global economic turmoil.|
|March 29, 1999||Dow Jones Industrial Average jumps 184.54, or 1.88% to 10006.78 primarily behind tech-stock rally.|
Source: The Wall Street Journal , March 30, 1999