REPLICATING THE DOW JONES INDUSTRIAL AVERAGE

companies. The 30 companies currently in the DJIA are large, but not necessarily “industrial.” The 1 The Dow Jones Rail Average, whose name was changed in 1970 to the Transportation Average, separately represented railroad companies. The Dow Jones Utility Average was founded in 1929. 2 See Pierce (1996), Siegel (1998), and Shoven and Sialm ... ................
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