The purpose of the S&P 500 Stock Price Index is to portray the pattern of common stock price movement. Until June 1976, the Index was limited to issues traded on the New York Stock Exchange. However, coverage was then expanded to include the bank and insurance sectors and to make certain other improvements, which involved the introduction of a small number of Nasdaq issues.
Construction of the Index proceeds from industry groups to the whole. Since some industries are characterized by companies of relatively small stock capitalization, the Index does not comprise the 500 largest companies listed on the New York Stock Exchange. However, the total market value of the S&P 500 as of September 30, 1997 represented 79% of the aggregate market value of common stocks traded on the New York Stock Exchange.
A major use of the group indexes is as a standard for comparison of the performance of individual stocks within each group. Care is taken to avoid construction of a group index in which the movements of a single, dominant stock would effectively determine the movements of the group index.
Component stock are chosen solely with the aim of achieving a distribution by broad industry groupings that approximates the distribution of these groupings in the New York Stock Exchange common stock population, taken as the assumed model for the composition of the total market. Each stock added to the index must represent a viable enterprise and must be representative of the industry group to which it is assigned. Its maket price movements must in general be responsive to changes in industry affairs. Aggregate market value of the stock and its trading activity are important considerations in the selection process. Judgements as to the investment appeal of the stocks do not enter into the selection process.
Each stock in the Index is weighted by the number of shares outstanding, and the level of the Index at any time represents the quotient of the aggregate market value of its component stocks divided by their aggregate market value (adjusted for certain capitalization changes) as of the base period (1941-1943, with the average aggregate market value for that period assigned a value of 10.
The S&P Index Committee is responsible for all decisions affecting the Index. It determines the overall policy and objective of the Index, and establishes guidelines and criteria for adding or deleting a company from the Index. The Committee approves all changes. It is specifically charged with keeping the Index representative and updated, but always within the context of the basic principle of stability of composition, and every effort is made to avoid excessive turnover of the Index. The S&P 500 Index is currently (as of 1997) one of the 12 leading economic indicators cited by the U.S. Commerce Department.
Last Updated September 1, 2001
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| ABT | Abbott Labs | Diversified Health Care |
| ADCT | ADC Telecommunications | Communications Equipment |
| ADBE | Adobe Systems | Computers Software & Services |
| AMD | Advanced Micro Devices | Semiconductor Electronics |
| AES | AES Corp. | Independent Power Producers |
| AET | Aetna Inc. | Managed Care/Health Care |
| AFL | AFLAC Inc. | Life/Health Insurance |
| A | Agilent Technologies | Electronic Equipment & Instrumentation |
| APD | Air Products & Chemicals | Chemicals, Industrial Gases |
| ACV | Alberto-Culver | Personal Care Products |
| ABS | Albertson's | Retail Food Chains |
| AL | Alcan Aluminium Ltd. | Aluminum |
| AA (1) | Alcoa Inc. | Aluminum |
| AYE | Allegheny Energy Inc. | Electric Utilities |
| ATI (1) | Allegheny Technologies Inc. | Iron & Steel |
| AGN | Allergan, Inc. | Diversified Health Care |
| AW | Allied Waste Industries | Waste Management/Environmental Services |
| ALL | Allstate Corp. | Property-Casualty Insurance |
| AT | ALLTEL Corp. | Integrated Telecommunications |
| ALTR | Altera Corp. | Semiconductors |
| ABK | Ambac Financial Group | Diversified Financial Services |
| AHC | Amerada Hess | Domestic Oil |
| AEE | Ameren Corp. | Electric Companies |
| AEP (1) | American Electric Power | Electric Companies |
| AXP (1) | American Express | Diversified Financial |
| AGC (1) | American General | Life/Health Insurance |
| AM | American Greetings Cl A | Jewelry, Novelties & Gifts |
| AHP | American Home Products | Diversified Health Care |
| AIG (1) | American Int'l. Group | Multi-Line Insurance |
| AMGN (1) | Amgen | Biotechnology |
| AMR | AMR Corp. | Airlines |
| ASO | AmSouth Bancorporation | Banks |
| APC | Anadarko Petroleum | Oil & Gas Exploration & Production |
| ADI | Analog Devices | Semiconductor Electronics |
| ANDW | Andrew Corp. | Communications Equipment |
| BUD | Anheuser-Busch | Alcoholic Beverages |
| AOL | AOL Time Warner Inc. | Internet, Movies & Entertainment |
| AOC | Aon Corp. | Insurance Brokers |
| APA | Apache Corp. | Oil & Gas Exploration & Production |
| AAPL | Apple Computer | Computers Hardware & Software |
| ABI | Applera Corp. | Health Care Equipment |
| AMAT | Applied Materials | Semiconductor Equipment |
| ADM | Archer-Daniels-Midland | Agricultural Products |
| ASH | Ashland Inc. | Oil & Gas Refining & Marketing |
| T (1) | AT&T Corp. | Long Distance Telecommunications |
| AWE | AT&T Wireless Services | Wireless Telecommunication Services |
| ADSK | Autodesk, Inc. | Computer Software & Services |
| ADP | Automatic Data Processing Inc. | Data Processing Services |
| AZO | AutoZone Inc. | Retail |
| AV | Avaya Inc. | Networking Equipment |
| AVY | Avery Dennison Corp. | Office Services & Supplies |
| AVP (1) | Avon Products | Personal Care Products |
| BHI (1) | Baker Hughes | Oil & Gas Drilling & Equipment |
| BLL | Ball Corp. | Metal & Glass Containers |
| BAC (1) | Bank of America Corp. | Banks |
| BK | Bank of New York | Banks |
| ONE (1) | Bank One Corp. | Banks |
| BCR | Bard (C.R.) Inc. | Health Care Medical Products & Supplies |
| ABX | Barrick Gold Corp. | Gold & Precious Metals Mining |
| BOL | Bausch & Lomb | Health Care Medical Products & Supplies |
| BAX (1) | Baxter International Inc. | Health Care Medical Products & Supplies |
| BBT | BB&T Corporation | Banks |
| BSC | Bear Stearns Cos. | Investment Banking/Brokerage |
| BDX | Becton, Dickinson | Health Care Medical Products & Supplies |
| BBBY | Bed Bath & Beyond | Specialty Retail |
| BLS | BellSouth | Telephone Services |
| BMS | Bemis Company | Paper Containers & Packaging |
| BBY | Best Buy Co., Inc. | Retail Computers & Electronics |
| BGEN | Biogen, Inc. | Biotechnology |
| BMET | Biomet, Inc. | Health Care Medical Products & Supplies |
| BDK (1) | Black & Decker Corp. | Hardware & Tools |
| HRB | Block, H& R | Commercial & Consumer Services |
| BMCS | BMC Software | Computers Software & Services |
| BA (1) | Boeing Company | Aerospace/Defense |
| BCC (1) | Boise Cascade | Paper & Forest Products |
| BSX | Boston Scientific | Health Care Medical Products & Supplies |
| BMY (1) | Bristol-Myers Squibb | Diversified Health Care |
| BRCM | Broadcom Corporation | Semiconductors |
| BVSN | BroadVision Inc. | Internet Software & Services |
| BF.B | Brown-Forman Corp. | Alcoholic Beverages |
| BC | Brunswick Corp. | Leisure Time Products |
| BNI (1) | Burlington Northern Santa Fe Corp. | Railroads |
| BR | Burlington Resources | Oil & Gas Exploration & Production |
| CPN | Calpine Corp. | Electric Utilities |
| CPB (1) | Campbell Soup | Food Products |
| COF | Capital One Financial | Consumer Finance |
| CAH | Cardinal Health, Inc. | Health Care Distributors & Services |
| CCL | Carnival Corp. | Lodging-Hotels |
| CAT | Caterpillar Inc. | Diversified Machinery |
| CD | Cendant Corporation | Commercial & Consumer Services |
| CTX | Centex Corp. | Homebuilding |
| CTL | CenturyTel, Inc. | Integrated Telecommunications |
| SCH | Charles Schwab | Investment Banking/Brokerage |
| CF | Charter One Financial | Banks |
| CHV | Chevron Corp. | International Integrated Oil Producing |
| CHIR | Chiron Corp. | Biotechnology |
(1) indicates stocks in the the S& P 100 Index
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