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The Evolution of The Dow® Discover how the DJIA has changed over time through a history of its components.

When Charles Dow created the Dow Jones Industrial Average® in 1896, he included a dozen stocks—all of them industrials. Today, the index is made up of 30 companies, and represents industries ranging from financial services and health care to technology and telecommunications.


It was a gradual evolution, to be sure. Changes to The Dow are intentionally infrequent, with the goal of providing continuity over time. Its stocks have changed on only 60 different occasions—just once every two years, on average.


The accompanying document details The Dow’s stock changes since 1928 when it became the 30-stock index it is today. We invite you to explore the changes that have shaped the history of The Dow.


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How has the DJIA evolved since 1928?













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