Stock Market Briefing: S&P 500 and DJIA 1921-Now

Stock Market Briefing: S&P 500 and DJIA 1921-Now

Yardeni Research, Inc.

May 29, 2021

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Mali Quintana

480-664-1333 aquintana@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

Dow & S&P 500

1-4

May 29, 2021 / Stock Market Briefing: S&P 500 and DJIA 1921-Now

Yardeni Research, Inc.



Dow & S&P 500

35040 28040

21040

Figure 1.

DOW JONES INDUSTRIALS AVERAGE (ratio scale)

14040

7040

Apr 35040 28040 21040 14040

7040



40

40

1921 1926 1931 1936 1941 1946 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 2026

Source: The Wall Street Journal.

Figure 2.

4204

3504 S&P 500 INDEX 2804 (ratio scale, monthly)

2104 1404

704

May 4204 3504 2804 2104 1404

704



4

4

1921 1926 1931 1936 1941 1946 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 2026

Source: Standard & Poor's.

Page 1 / May 29, 2021 / Stock Market Briefing: S&P 500 and DJIA 1921-Now

Yardeni Research, Inc.



Dow & S&P 500

50040 40040

30040

Figure 3.

DOW JONES INDUSTRIALS AVERAGE* WITH 4%-6% CAGR PATHS (base period price Dec 1917 = 74.38, ratio scale)

20040

10040

Latest (33875)

50040

40040

6%

Apr

30040

20040

5% 10040

4%



40

40

1917 1922 1927 1932 1937 1942 1947 1952 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 2027

* Compounded monthly using base value. Source: The Wall Street Journal.

Figure 4.

7519

7519

6019 DOW JONES INDUSTRIALS* AVERAGE 2%-6% CAGR PATHS

6019

4519 (base period price Dec 2016 = 19,763, ratio scale divided by 1000)

4519

3019

3019 6%

1519

1519 5%

4%

3%

2%



19

19

2017 2022 2027 2032 2037 2042 2047 2052 2057 2062 2067 2072 2077 2082 2087 2092 2097 2102 2107 2112 2117

* Compounded monthly using base value. Source: Yardeni Research Inc.

Page 2 / May 29, 2021 / Stock Market Briefing: S&P 500 and DJIA 1921-Now

Yardeni Research, Inc.



Dow & S&P 500

45040 36040

27040

Figure 5.

DOW JONES INDUSTRIALS AVERAGE* WITH 2%-6% CAGR PATHS (base period price Dec 1920 = 75.09, ratio scale)

18040

9040

DJIA

Index (33875)

Index/CPI (2410)

45040

A6p%r

36040

27040

18040 5%

9040

4%

3% 2%



40

40

1920 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030

* Compounded monthly using base value. Source: Bureau of Labor Statistics and The Wall Street Journal.

200009 160009 120009

80009

Figure 6.

S&P 500 TOTAL RETURN INDEX WITH 6%-11% CAGR PATHS (base period Dec 1935 = 14.96, ratio scale)

200009 160009

120009

Q1

80009

40009

S&P 500 Total Return Index* (86385) Total Return Index/CPI** (4501)

11% 10% 9% 8% 7%

40009 Q1

6%



9

9

1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

* Includes reinvested dividends. ** Using last month of quarter CPI. Compounded monthly using base value.

Source: Standard & Poor's.

Page 3 / May 29, 2021 / Stock Market Briefing: S&P 500 and DJIA 1921-Now

Yardeni Research, Inc.



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