Dow Jones' Average

The Dow-Jones average closed last week at 823, far down from its alltime high of 995 in February 1966.

The blue-chip stocks included in the Dow-Jones average do not really reflect what has happened to these stocks.

There were other early warning signals: last summer, many of the high-riding glamour stocks went into a tailspin, and by last autumn a few Wall Street professionals anxiously noted that, although the Dow-Jones average was still going up, there were many days when more stocks were falling than rising on the New York Stock Exchange.

The Nixon program had immediate and dramatic impact at home: on the first day the Dow-Jones average took a record jump on the New York Stock Exchange.

The Dow-Jones average soared 32 points, its biggest one-day rise ever.*