Dow Jones Industrial Average 1886-2004 · Dow Jones Industrial Average 1886-2004 Month Jan Febr Mar Apr May June July Aug Sep Oct Nov Dec Total Observations 119 118 118 118 118 118

The Monthly EffectDow Jones Industrial Average 1886-2004

Month Jan Febr Mar Apr May June July Aug Sep Oct Nov DecTotal Observations 119 118 118 118 118 118 118 117 116 116 116 115

Up Month 77 58 70 67 61 56 71 76 49 64 69 81% of Total 64.7% 49.2% 59.3% 56.8% 51.7% 47.5% 60.2% 65.0% 42.2% 55.2% 59.5% 70.4%Number of times market up for the year when month was up 60 43 48 48 45 41 50 54 32 43 52 53

Number of times market was up 11 months later 54 39 42 43 42 38 44 48 31 39 46 48

Probability of being up for year if month was up 77.9% 74.1% 68.6% 71.6% 73.8% 73.2% 70.4% 71.1% 65.3% 67.2% 75.4% 65.4%

Probability of being up 11 months later if month was up 70.1% 67.2% 60.0% 64.2% 68.9% 67.9% 62.0% 63.2% 63.3% 60.9% 66.7% 59.3%

Down Month 42 60 48 51 57 62 47 41 67 52 47 34% of Total 35.3% 50.8% 40.7% 43.2% 48.3% 52.5% 39.8% 35.0% 57.8% 44.8% 40.5% 29.6%Number of times market down for the year when month was down 26 25 19 23 29 30 23 21 27 24 21 17

Number of times market was down 11 months later 21 21 16 21 23 25 19 16 24 16 21 15

Probability of being down for year if month was down 61.9% 41.7% 39.6% 45.1% 50.9% 48.4% 48.9% 51.2% 40.3% 46.2% 44.7% 50.0%

Probability of being down 11 months later if month was down 50.0% 35.0% 33.3% 41.2% 40.4% 40.3% 40.4% 39.0% 35.8% 30.8% 44.7% 44.1%

The Monthly Effect for JanuaryDow Jones Industrial Average 1886-2004

YearJanuary Change

Change for Year

Change from end of

January YearJanuary Change

Change for Year

Change from end of

January1886 -3.95% 4.78% 9.09% 1976 14.41% 17.86% 3.01%1887 -3.85% -8.42% -4.75% 1975 14.19% 38.32% 21.13%1888 0.19% 4.80% 4.60% 1987 13.82% 2.26% -10.16%1889 0.56% 5.52% 4.93% 1967 8.17% 15.20% 6.50%1890 1.79% -10.58% -12.15% 1989 8.01% 26.96% 17.54%1891 3.26% 11.11% 7.61% 1930 7.51% -33.77% -38.39%1892 -0.62% -3.35% -2.75% 1934 7.33% 4.14% -2.97%1893 1.95% -17.98% -19.55% 1918 7.29% 10.51% 3.01%1894 4.90% -0.50% -5.15% 1908 6.71% 46.63% 37.40%1895 -1.00% 1.68% 2.71% 1899 6.34% 9.20% 2.69%1896 2.92% 4.07% 1.13% 1985 6.21% 27.66% 20.20%1897 5.23% 22.17% 16.10% 1946 6.10% -8.14% -13.42%1898 1.22% 22.46% 20.99% 1994 5.97% 2.14% -3.62%1899 6.34% 9.20% 2.69% 1929 5.84% -17.17% -21.74%1900 0.06% 7.00% 6.94% 1921 5.81% 12.72% 6.53%1901 -5.52% -8.71% -3.37% 1951 5.70% 14.37% 8.20%1902 0.61% -0.40% -1.01% 1997 5.66% 22.64% 16.07%1903 1.38% -23.61% -24.65% 1996 5.44% 26.01% 19.52%1904 -0.42% 41.72% 42.31% 1924 5.38% 26.16% 19.72%1905 2.47% 38.20% 34.87% 1961 5.25% 18.71% 12.80%1906 4.67% -1.92% -6.29% 1897 5.23% 22.17% 16.10%1907 -2.81% -37.73% -35.93% 1943 5.18% 13.81% 8.21%1908 6.71% 46.63% 37.40% 1914 5.16% -5.42% -10.07%1909 -2.39% 14.97% 17.79% 1894 4.90% -0.50% -5.15%1910 -7.21% -17.86% -11.48% 1915 4.73% 81.66% 73.46%1911 4.40% 0.40% -3.83% 1963 4.72% 17.00% 11.73%1912 -1.84% 7.57% 9.58% 1906 4.67% -1.92% -6.29%1913 -4.72% -10.35% -5.90% 1980 4.42% 14.93% 10.06%1914 5.16% -5.42% -10.07% 1911 4.40% 0.40% -3.83%1915 4.73% 81.66% 73.46% 1979 4.25% 4.19% -0.06%1916 -8.64% -4.19% 4.88% 1954 4.09% 43.96% 38.31%1917 0.45% -21.71% -22.06% 1991 3.90% 20.32% 15.80%1918 7.29% 10.51% 3.01% 1936 3.72% 24.82% 20.34%1919 -1.93% 30.45% 33.02% 1971 3.53% 6.11% 2.50%1920 -3.18% -32.90% -30.70% 1958 3.29% 33.96% 29.69%1921 5.81% 12.72% 6.53% 1965 3.29% 10.88% 7.35%1922 0.25% 21.74% 21.44% 1891 3.26% 11.11% 7.61%1923 -1.32% -3.25% -1.96% 1937 3.25% -32.82% -34.94%1924 5.38% 26.16% 19.72% 1964 2.93% 14.57% 11.31%1925 2.25% 30.00% 27.14% 1896 2.92% 4.07% 1.13%1926 0.50% 0.34% -0.15% 1983 2.79% 20.27% 17.01%1927 -0.50% 28.75% 29.40% 1905 2.47% 38.20% 34.87%1928 -1.88% 48.22% 51.07% 1925 2.25% 30.00% 27.14%1929 5.84% -17.17% -21.74% 1893 1.95% -17.98% -19.55%1930 7.51% -33.77% -38.39% 1999 1.93% 25.22% 22.85%

Sorted by Year Sorted by Performance

YearJanuary Change

Change for Year

Change from end of

Change for Year

Change from end of

January1931 1.80% -52.67% -53.51% 1947 1.83% 2.23% 0.40%1932 -2.20% -23.07% -21.34% 1931 1.80% -52.67% -53.51%1933 1.62% 66.69% 64.04% 1890 1.79% -10.58% -12.15%1934 7.33% 4.14% -2.97% 1959 1.77% 16.40% 14.38%1935 -2.26% 38.53% 41.73% 1992 1.72% 4.17% 2.41%1936 3.72% 24.82% 20.34% 1933 1.62% 66.69% 64.04%1937 3.25% -32.82% -34.94% 1986 1.57% 22.58% 20.69%1938 0.84% 28.06% 26.99% 1966 1.47% -18.94% -20.11%1939 -7.11% -2.92% 4.51% 1903 1.38% -23.61% -24.65%1940 -3.27% -12.72% -9.77% 1972 1.34% 14.58% 13.06%1941 -5.34% -15.38% -10.61% 1898 1.22% 22.46% 20.99%1942 -1.67% 7.61% 9.43% 1944 1.11% 12.09% 10.86%1943 5.18% 13.81% 8.21% 1955 1.10% 20.77% 19.46%1944 1.11% 12.09% 10.86% 1949 1.03% 12.88% 11.73%1945 0.89% 26.65% 25.54% 1988 1.00% 11.85% 10.74%1946 6.10% -8.14% -13.42% 2001 0.93% -7.10% -7.95%1947 1.83% 2.23% 0.40% 1945 0.89% 26.65% 25.54%1948 -3.37% -2.13% 1.29% 1938 0.84% 28.06% 26.99%1949 1.03% 12.88% 11.73% 1950 0.83% 17.63% 16.66%1950 0.83% 17.63% 16.66% 1902 0.61% -0.40% -1.01%1951 5.70% 14.37% 8.20% 1889 0.56% 5.52% 4.93%1952 0.54% 8.42% 7.84% 1974 0.55% -27.57% -27.97%1953 -0.73% -3.77% -3.06% 1952 0.54% 8.42% 7.84%1954 4.09% 43.96% 38.31% 1926 0.50% 0.34% -0.15%1955 1.10% 20.77% 19.46% 1917 0.45% -21.71% -22.06%1956 -3.62% 2.27% 6.10% 2004 0.33% 3.15% 2.81%1957 -4.07% -12.77% -9.07% 1993 0.27% 13.72% 13.42%1958 3.29% 33.96% 29.69% 1922 0.25% 21.74% 21.44%1959 1.77% 16.40% 14.38% 1995 0.25% 33.45% 33.12%1960 -8.35% -9.34% -1.08% 1969 0.24% -15.19% -15.40%1961 5.25% 18.71% 12.80% 1888 0.19% 4.80% 4.60%1962 -4.26% -10.81% -6.84% 1900 0.06% 7.00% 6.94%1963 4.72% 17.00% 11.73% 1998 -0.02% 16.10% 16.13%1964 2.93% 14.57% 11.31% 1904 -0.42% 41.72% 42.31%1965 3.29% 10.88% 7.35% 1982 -0.45% 19.60% 20.14%1966 1.47% -18.94% -20.11% 1927 -0.50% 28.75% 29.40%1967 8.17% 15.20% 6.50% 1892 -0.62% -3.35% -2.75%1968 -5.48% 4.27% 10.32% 1953 -0.73% -3.77% -3.06%1969 0.24% -15.19% -15.40% 1895 -1.00% 1.68% 2.71%1970 -7.03% 4.82% 12.75% 2002 -1.01% -16.76% -15.91%1971 3.53% 6.11% 2.50% 1923 -1.32% -3.25% -1.96%1972 1.34% 14.58% 13.06% 1942 -1.67% 7.61% 9.43%1973 -2.06% -16.58% -14.83% 1981 -1.73% -9.23% -7.63%1974 0.55% -27.57% -27.97% 1912 -1.84% 7.57% 9.58%1975 14.19% 38.32% 21.13% 1928 -1.88% 48.22% 51.07%1976 14.41% 17.86% 3.01% 1919 -1.93% 30.45% 33.02%

YearJanuary Change

Change for Year

Change from end of

Change for Year

Change from end of

January1977 -5.00% -17.27% -12.91% 1973 -2.06% -16.58% -14.83%1978 -7.37% -3.15% 4.56% 1932 -2.20% -23.07% -21.34%1979 4.25% 4.19% -0.06% 1935 -2.26% 38.53% 41.73%1980 4.42% 14.93% 10.06% 1909 -2.39% 14.97% 17.79%1981 -1.73% -9.23% -7.63% 1907 -2.81% -37.73% -35.93%1982 -0.45% 19.60% 20.14% 1984 -3.02% -3.74% -0.74%1983 2.79% 20.27% 17.01% 1920 -3.18% -32.90% -30.70%1984 -3.02% -3.74% -0.74% 1940 -3.27% -12.72% -9.77%1985 6.21% 27.66% 20.20% 1948 -3.37% -2.13% 1.29%1986 1.57% 22.58% 20.69% 2003 -3.45% 25.32% 29.80%1987 13.82% 2.26% -10.16% 1956 -3.62% 2.27% 6.10%1988 1.00% 11.85% 10.74% 1887 -3.85% -8.42% -4.75%1989 8.01% 26.96% 17.54% 1886 -3.95% 4.78% 9.09%1990 -5.91% -4.34% 1.66% 1957 -4.07% -12.77% -9.07%1991 3.90% 20.32% 15.80% 1962 -4.26% -10.81% -6.84%1992 1.72% 4.17% 2.41% 1913 -4.72% -10.35% -5.90%1993 0.27% 13.72% 13.42% 2000 -4.84% -6.18% -1.40%1994 5.97% 2.14% -3.62% 1977 -5.00% -17.27% -12.91%1995 0.25% 33.45% 33.12% 1941 -5.34% -15.38% -10.61%1996 5.44% 26.01% 19.52% 1968 -5.48% 4.27% 10.32%1997 5.66% 22.64% 16.07% 1901 -5.52% -8.71% -3.37%1998 -0.02% 16.10% 16.13% 1990 -5.91% -4.34% 1.66%1999 1.93% 25.22% 22.85% 1970 -7.03% 4.82% 12.75%2000 -4.84% -6.18% -1.40% 1939 -7.11% -2.92% 4.51%2001 0.93% -7.10% -7.95% 1910 -7.21% -17.86% -11.48%2002 -1.01% -16.76% -15.91% 1978 -7.37% -3.15% 4.56%2003 -3.45% 25.32% 29.80% 1960 -8.35% -9.34% -1.08%2004 0.33% 3.15% 2.81% 1916 -8.64% -4.19% 4.88%

The Monthly Effect for FebruaryDow Jones Industrial Average 1886-2004

YearFebruary Change

Change for Year

Change from end of

February YearFebruary Change

Change for Year

Change from end of

February1886 1.30% 4.89% 3.54% 1931 13.20% -54.53% -59.83%1887 2.62% -4.57% -7.01% 1986 8.79% 37.37% 26.27%1888 -2.04% 5.19% 7.38% 1998 8.08% 18.37% 9.51%1889 -0.32% 6.81% 7.16% 1932 6.89% -20.07% -25.22%1890 -3.00% -9.29% -6.49% 1923 6.64% 3.32% -3.12%1891 1.42% 6.94% 5.44% 1938 6.38% 17.96% 10.89%1892 4.00% -0.85% -4.66% 1988 5.79% 19.61% 13.07%1893 -4.26% -15.61% -11.85% 1905 5.36% 41.17% 33.99%1894 -0.61% -6.10% -5.52% 1991 5.33% 17.80% 11.84%1895 -2.99% 5.70% 8.96% 1919 5.21% 28.79% 22.41%1896 1.60% 6.42% 4.74% 1922 5.12% 19.84% 14.01%1897 -1.99% 17.51% 19.90% 1975 5.02% 38.60% 31.96%1898 -7.70% 28.66% 39.38% 1970 4.51% 16.72% 11.69%1899 3.78% 2.76% -0.98% 1945 4.38% 33.19% 27.60%1900 -3.28% 1.03% 4.46% 1995 4.35% 40.36% 34.51%1901 0.29% -2.78% -3.06% 1892 4.00% -0.85% -4.66%1902 -0.21% 0.36% 0.57% 1899 3.78% 2.76% -0.98%1903 1.55% -24.96% -26.11% 1943 3.61% 9.41% 5.60%1904 -2.82% 45.83% 50.06% 1927 3.55% 26.97% 22.62%1905 5.36% 41.17% 33.99% 1983 3.43% 13.47% 9.70%1906 -6.70% -8.92% -2.38% 1987 3.06% -9.26% -11.95%1907 -1.27% -31.63% -30.76% 1981 2.88% -8.04% -10.62%1908 -3.44% 34.12% 38.90% 1972 2.88% 10.74% 7.64%1909 -2.66% 9.30% 12.29% 1956 2.74% 1.79% -0.93%1910 -0.62% -7.59% -7.01% 1887 2.62% -4.57% -7.01%1911 0.10% -5.59% -5.68% 1939 2.46% 1.09% -1.34%1912 1.52% 4.41% 2.85% 1961 2.14% 7.99% 5.73%1913 -4.06% -1.04% 3.14% 1964 1.88% 14.96% 12.84%1914 -0.71% -5.82% -5.14% 2002 1.88% -18.81% -20.31%1915 -3.46% 58.47% 64.15% 1993 1.84% 20.19% 18.02%1916 0.50% 5.35% 4.83% 1936 1.78% 24.25% 22.08%1917 -4.06% -16.38% -12.84% 1996 1.67% 26.28% 24.20%1918 0.74% 1.02% 0.27% 1959 1.61% 4.83% 3.17%1919 5.21% 28.79% 22.41% 1896 1.60% 6.42% 4.74%1920 -12.05% -26.67% -16.62% 1903 1.55% -24.96% -26.11%1921 -1.51% 6.79% 8.43% 1912 1.52% 4.41% 2.85%1922 5.12% 19.84% 14.01% 1930 1.49% -37.28% -38.20%1923 6.64% 3.32% -3.12% 1891 1.42% 6.94% 5.44%1924 -3.42% 22.41% 26.74% 1990 1.42% 5.63% 4.15%1925 -0.41% 27.77% 28.30% 1992 1.37% 2.69% 1.30%1926 -1.90% -0.65% 1.27% 1886 1.30% 4.89% 3.54%1927 3.55% 26.97% 22.62% 1951 1.29% 8.79% 7.40%1928 -1.92% 59.88% 63.01% 1960 1.20% 4.11% 2.87%1929 -0.03% -15.86% -15.84% 1971 1.19% 3.88% 2.66%1930 1.49% -37.28% -38.20% 1962 1.15% -2.45% -3.56%

YearFebruary Change

Change for Year

Change from end of

Change for Year

Change from end of

February1931 13.20% -54.53% -59.83% 1997 0.95% 16.05% 14.96%1932 6.89% -20.07% -25.22% 1937 0.84% -34.39% -34.93%1933 -15.62% 76.06% 108.64% 1940 0.83% -14.59% -15.29%1934 -3.51% -5.16% -1.71% 1950 0.82% 23.31% 22.31%1935 0.68% 47.01% 46.01% 1955 0.74% 15.14% 14.29%1936 1.78% 24.25% 22.08% 1918 0.74% 1.02% 0.27%1937 0.84% -34.39% -34.93% 1954 0.74% 39.82% 38.80%1938 6.38% 17.96% 10.89% 1935 0.68% 47.01% 46.01%1939 2.46% 1.09% -1.34% 1974 0.58% -17.75% -18.23%1940 0.83% -14.59% -15.29% 1916 0.50% 5.35% 4.83%1941 -1.74% -12.10% -10.54% 1901 0.29% -2.78% -3.06%1942 -2.13% 15.09% 17.60% 1911 0.10% -5.59% -5.68%1943 3.61% 9.41% 5.60% 1965 0.07% 8.93% 8.86%1944 -0.80% 11.84% 12.74% 1929 -0.03% -15.86% -15.84%1945 4.38% 33.19% 27.60% 1902 -0.21% 0.36% 0.57%1946 -7.12% -11.84% -5.08% 1985 -0.21% 22.09% 22.35%1947 -0.85% -2.99% -2.15% 1976 -0.27% -2.14% -1.88%1948 -4.43% 2.33% 7.07% 1889 -0.32% 6.81% 7.16%1949 -3.38% 12.66% 16.60% 1925 -0.41% 27.77% 28.30%1950 0.82% 23.31% 22.31% 1999 -0.56% 16.90% 17.56%1951 1.29% 8.79% 7.40% 1894 -0.61% -6.10% -5.52%1952 -3.92% 7.05% 11.42% 1910 -0.62% -7.59% -7.01%1953 -1.90% 0.90% 2.86% 1914 -0.71% -5.82% -5.14%1954 0.74% 39.82% 38.80% 1944 -0.80% 11.84% 12.74%1955 0.74% 15.14% 14.29% 1947 -0.85% -2.99% -2.15%1956 2.74% 1.79% -0.93% 1967 -1.24% 0.66% 1.92%1957 -3.03% -6.08% -3.14% 1907 -1.27% -31.63% -30.76%1958 -2.24% 31.99% 35.02% 1980 -1.45% 8.15% 9.75%1959 1.61% 4.83% 3.17% 1921 -1.51% 6.79% 8.43%1960 1.20% 4.11% 2.87% 1941 -1.74% -12.10% -10.54%1961 2.14% 7.99% 5.73% 1968 -1.75% 10.59% 12.56%1962 1.15% -2.45% -3.56% 1977 -1.88% -19.33% -17.78%1963 -2.92% 15.01% 18.46% 1953 -1.90% 0.90% 2.86%1964 1.88% 14.96% 12.84% 1926 -1.90% -0.65% 1.27%1965 0.07% 8.93% 8.86% 1928 -1.92% 59.88% 63.01%1966 -3.22% -13.59% -10.72% 1897 -1.99% 17.51% 19.90%1967 -1.24% 0.66% 1.92% 2003 -2.02% 30.22% 32.91%1968 -1.75% 10.59% 12.56% 1888 -2.04% 5.19% 7.38%1969 -4.32% -21.35% -17.80% 1942 -2.13% 15.09% 17.60%1970 4.51% 16.72% 11.69% 1958 -2.24% 31.99% 35.02%1971 1.19% 3.88% 2.66% 1909 -2.66% 9.30% 12.29%1972 2.88% 10.74% 7.64% 1904 -2.82% 45.83% 50.06%1973 -4.40% -14.36% -10.42% 1963 -2.92% 15.01% 18.46%1974 0.58% -17.75% -18.23% 1895 -2.99% 5.70% 8.96%1975 5.02% 38.60% 31.96% 1890 -3.00% -9.29% -6.49%1976 -0.27% -2.14% -1.88% 1957 -3.03% -6.08% -3.14%

YearFebruary Change

Change for Year

Change from end of

Change for Year

Change from end of

February1977 -1.88% -19.33% -17.78% 1966 -3.22% -13.59% -10.72%1978 -3.61% 9.00% 13.08% 1900 -3.28% 1.03% 4.46%1979 -3.62% 4.36% 8.29% 1949 -3.38% 12.66% 16.60%1980 -1.45% 8.15% 9.75% 1924 -3.42% 22.41% 26.74%1981 2.88% -8.04% -10.62% 1908 -3.44% 34.12% 38.90%1982 -5.36% 23.49% 30.48% 1915 -3.46% 58.47% 64.15%1983 3.43% 13.47% 9.70% 1934 -3.51% -5.16% -1.71%1984 -5.40% 5.42% 11.44% 1989 -3.58% 10.60% 14.71%1985 -0.21% 22.09% 22.35% 2001 -3.60% -8.89% -5.48%1986 8.79% 37.37% 26.27% 1978 -3.61% 9.00% 13.08%1987 3.06% -9.26% -11.95% 1979 -3.62% 4.36% 8.29%1988 5.79% 19.61% 13.07% 1994 -3.68% -3.38% 0.31%1989 -3.58% 10.60% 14.71% 1952 -3.92% 7.05% 11.42%1990 1.42% 5.63% 4.15% 1917 -4.06% -16.38% -12.84%1991 5.33% 17.80% 11.84% 1913 -4.06% -1.04% 3.14%1992 1.37% 2.69% 1.30% 1893 -4.26% -15.61% -11.85%1993 1.84% 20.19% 18.02% 1969 -4.32% -21.35% -17.80%1994 -3.68% -3.38% 0.31% 1973 -4.40% -14.36% -10.42%1995 4.35% 40.36% 34.51% 1948 -4.43% 2.33% 7.07%1996 1.67% 26.28% 24.20% 1982 -5.36% 23.49% 30.48%1997 0.95% 16.05% 14.96% 1984 -5.40% 5.42% 11.44%1998 8.08% 18.37% 9.51% 1906 -6.70% -8.92% -2.38%1999 -0.56% 16.90% 17.56% 1946 -7.12% -11.84% -5.08%2000 -7.42% -0.49% 7.49% 2000 -7.42% -0.49% 7.49%2001 -3.60% -8.89% -5.48% 1898 -7.70% 28.66% 39.38%2002 1.88% -18.81% -20.31% 1920 -12.05% -26.67% -16.62%2003 -2.02% 30.22% 32.91% 1933 -15.62% 76.06% 108.64%

The Monthly Effect for MarchDow Jones Industrial Average 1886-2004

YearMarch

ChangeChange for Year

Change from end of March Year

March Change

Change for Year

Change from end of March

1886 -2.72% 6.26% 9.22% 1920 12.59% -17.88% -27.07%1887 2.13% -8.91% -10.80% 1908 11.52% 35.20% 21.23%1888 -6.34% 7.03% 14.28% 1899 11.30% -4.23% -13.96%1889 -3.03% 3.95% 7.20% 1915 10.24% 64.97% 49.65%1890 0.94% -5.16% -6.04% 1928 9.53% 62.96% 48.77%1891 -0.66% 9.65% 10.38% 1912 8.44% -1.32% -9.00%1892 -2.21% -8.72% -6.66% 2000 7.84% 3.62% -3.91%1893 0.09% -12.39% -12.47% 1933 7.80% 101.32% 86.75%1894 4.40% -8.35% -12.21% 1979 6.60% 6.72% 0.11%1895 6.25% 10.71% 4.20% 1905 6.49% 25.01% 17.40%1896 -0.44% 2.65% 3.10% 1986 6.41% 30.13% 22.29%1897 -5.40% 10.67% 16.98% 1895 6.25% 10.71% 4.20%1898 -1.63% 44.65% 47.04% 1948 5.92% 3.44% -2.34%1899 11.30% -4.23% -13.96% 1956 5.82% -3.93% -9.22%1900 3.22% 4.76% 1.49% 1930 5.53% -30.04% -33.71%1901 4.36% -3.26% -7.30% 1909 5.22% 11.59% 6.05%1902 3.66% 2.13% -1.48% 1999 5.15% 8.83% 3.50%1903 -3.86% -28.19% -25.31% 1946 5.08% -5.89% -10.44%1904 3.33% 58.10% 53.00% 1943 4.97% 4.76% -0.20%1905 6.49% 25.01% 17.40% 1919 4.76% 7.66% 2.77%1906 3.20% -3.62% -6.60% 1894 4.40% -8.35% -12.21%1907 -11.47% -33.14% -24.47% 1901 4.36% -3.26% -7.30%1908 11.52% 35.20% 21.23% 1917 4.20% -12.20% -15.74%1909 5.22% 11.59% 6.05% 1922 4.20% 21.58% 16.68%1910 -1.78% -6.92% -5.23% 1975 3.94% 31.60% 26.62%1911 -2.06% -4.25% -2.25% 1902 3.66% 2.13% -1.48%1912 8.44% -1.32% -9.00% 1995 3.66% 36.76% 31.94%1913 0.75% 2.41% 1.65% 1987 3.63% -6.85% -10.11%1914 0.17% -8.43% -8.58% 1952 3.61% 9.30% 5.50%1915 10.24% 64.97% 49.65% 1969 3.34% -14.10% -16.88%1916 2.44% 0.58% -1.81% 1904 3.33% 58.10% 53.00%1917 4.20% -12.20% -15.74% 1900 3.22% 4.76% 1.49%1918 -4.57% 5.50% 10.54% 1906 3.20% -3.62% -6.60%1919 4.76% 7.66% 2.77% 1967 3.17% 0.13% -2.94%1920 12.59% -17.88% -27.07% 1954 3.05% 39.83% 35.70%1921 1.04% 13.98% 12.80% 1990 3.04% 9.70% 6.46%1922 4.20% 21.58% 16.68% 1981 3.01% -15.41% -17.88%1923 -1.11% -6.43% -5.38% 1998 2.97% 8.90% 5.76%1924 -4.33% 26.22% 31.93% 1963 2.95% 20.70% 17.23%1925 -4.86% 25.87% 32.29% 2002 2.95% -21.92% -24.15%1926 -9.06% 4.86% 15.31% 1971 2.91% 5.61% 2.63%1927 -1.16% 20.26% 21.68% 1976 2.76% -3.72% -6.31%1928 9.53% 62.96% 48.77% 1936 2.75% 23.10% 19.80%1929 -2.70% -14.59% -12.22% 1916 2.44% 0.58% -1.81%1930 5.53% -30.04% -33.71% 1949 2.33% 17.55% 14.87%

YearMarch

March Change

Change for Year

1931 -9.12% -57.06% -52.75% 1961 2.20% 6.94% 4.64%1932 -10.02% -36.90% -29.87% 1957 2.19% -5.32% -7.35%1933 7.80% 101.32% 86.75% 1887 2.13% -8.91% -10.80%1934 -1.56% -1.04% 0.52% 1978 2.05% 8.99% 6.79%1935 -1.53% 48.61% 50.93% 1993 1.91% 13.68% 11.55%1936 2.75% 23.10% 19.80% 1944 1.86% 17.68% 15.53%1937 -0.48% -30.78% -30.45% 1996 1.85% 25.38% 23.10%1938 -23.67% 13.62% 48.86% 1964 1.64% 12.92% 11.09%1939 -10.50% -0.52% 11.15% 1983 1.56% 3.78% 2.18%1940 0.96% -16.77% -17.56% 1989 1.56% 16.33% 14.55%1941 0.61% -12.45% -12.98% 1958 1.55% 37.18% 35.08%1942 -6.80% 21.84% 30.72% 1972 1.35% 2.90% 1.53%1943 4.97% 4.76% -0.20% 1950 1.28% 23.89% 22.32%1944 1.86% 17.68% 15.53% 2003 1.28% 34.13% 32.43%1945 -3.73% 18.51% 23.11% 1991 1.10% 13.37% 12.14%1946 5.08% -5.89% -10.44% 1921 1.04% 13.98% 12.80%1947 -0.95% -6.48% -5.59% 1970 1.03% 13.02% 11.87%1948 5.92% 3.44% -2.34% 1940 0.96% -16.77% -17.56%1949 2.33% 17.55% 14.87% 1890 0.94% -5.16% -6.04%1950 1.28% 23.89% 22.32% 1984 0.89% 11.21% 10.23%1951 -1.63% 3.19% 4.90% 1913 0.75% 2.41% 1.65%1952 3.61% 9.30% 5.50% 1941 0.61% -12.45% -12.98%1953 -1.55% 3.61% 5.24% 1914 0.17% -8.43% -8.58%1954 3.05% 39.83% 35.70% 1893 0.09% -12.39% -12.47%1955 -0.53% 17.43% 18.05% 1968 0.02% 7.70% 7.68%1956 5.82% -3.93% -9.22% 1962 -0.16% -6.37% -6.23%1957 2.19% -5.32% -7.35% 1982 -0.20% 34.96% 35.23%1958 1.55% 37.18% 35.08% 1959 -0.30% 4.41% 4.72%1959 -0.30% 4.41% 4.72% 1973 -0.43% -9.90% -9.51%1960 -2.15% 5.07% 7.38% 1896 -0.44% 2.65% 3.10%1961 2.20% 6.94% 4.64% 1937 -0.48% -30.78% -30.45%1962 -0.16% -6.37% -6.23% 1955 -0.53% 17.43% 18.05%1963 2.95% 20.70% 17.23% 1891 -0.66% 9.65% 10.38%1964 1.64% 12.92% 11.09% 1947 -0.95% -6.48% -5.59%1965 -1.60% 5.36% 7.07% 1992 -0.99% 3.16% 4.18%1966 -2.85% -11.82% -9.23% 1923 -1.11% -6.43% -5.38%1967 3.17% 0.13% -2.94% 1927 -1.16% 20.26% 21.68%1968 0.02% 7.70% 7.68% 1985 -1.34% 33.10% 34.91%1969 3.34% -14.10% -16.88% 1935 -1.53% 48.61% 50.93%1970 1.03% 13.02% 11.87% 1953 -1.55% 3.61% 5.24%1971 2.91% 5.61% 2.63% 1934 -1.56% -1.04% 0.52%1972 1.35% 2.90% 1.53% 1965 -1.60% 5.36% 7.07%1973 -0.43% -9.90% -9.51% 1974 -1.61% -14.12% -12.71%1974 -1.61% -14.12% -12.71% 1898 -1.63% 44.65% 47.04%1975 3.94% 31.60% 26.62% 1951 -1.63% 3.19% 4.90%1976 2.76% -3.72% -6.31% 1910 -1.78% -6.92% -5.23%

YearMarch

March Change

Change for Year

1977 -1.85% -20.75% -19.26% 1977 -1.85% -20.75% -19.26%1978 2.05% 8.99% 6.79% 1911 -2.06% -4.25% -2.25%1979 6.60% 6.72% 0.11% 1960 -2.15% 5.07% 7.38%1980 -8.97% 12.91% 24.03% 1892 -2.21% -8.72% -6.66%1981 3.01% -15.41% -17.88% 1929 -2.70% -14.59% -12.22%1982 -0.20% 34.96% 35.23% 1886 -2.72% 6.26% 9.22%1983 1.56% 3.78% 2.18% 1966 -2.85% -11.82% -9.23%1984 0.89% 11.21% 10.23% 1889 -3.03% 3.95% 7.20%1985 -1.34% 33.10% 34.91% 1945 -3.73% 18.51% 23.11%1986 6.41% 30.13% 22.29% 1903 -3.86% -28.19% -25.31%1987 3.63% -6.85% -10.11% 1988 -4.03% 9.02% 13.60%1988 -4.03% 9.02% 13.60% 1997 -4.28% 24.25% 29.81%1989 1.56% 16.33% 14.55% 1924 -4.33% 26.22% 31.93%1990 3.04% 9.70% 6.46% 1918 -4.57% 5.50% 10.54%1991 1.10% 13.37% 12.14% 1925 -4.86% 25.87% 32.29%1992 -0.99% 3.16% 4.18% 1994 -5.12% 4.67% 10.32%1993 1.91% 13.68% 11.55% 1897 -5.40% 10.67% 16.98%1994 -5.12% 4.67% 10.32% 2001 -5.87% -3.71% 2.30%1995 3.66% 36.76% 31.94% 1888 -6.34% 7.03% 14.28%1996 1.85% 25.38% 23.10% 1942 -6.80% 21.84% 30.72%1997 -4.28% 24.25% 29.81% 1980 -8.97% 12.91% 24.03%1998 2.97% 8.90% 5.76% 1926 -9.06% 4.86% 15.31%1999 5.15% 8.83% 3.50% 1931 -9.12% -57.06% -52.75%2000 7.84% 3.62% -3.91% 1932 -10.02% -36.90% -29.87%2001 -5.87% -3.71% 2.30% 1939 -10.50% -0.52% 11.15%2002 2.95% -21.92% -24.15% 1907 -11.47% -33.14% -24.47%2003 1.28% 34.13% 32.43% 1938 -23.67% 13.62% 48.86%

The Monthly Effect for AprilDow Jones Industrial Average 1886-2004

YearApril

Change from end of April Year

April Change

Change for Year

Change from end of April

1886 -3.01% 11.55% 15.01% 1933 40.18% 83.84% 31.15%1887 0.76% -16.46% -17.09% 1915 18.00% 53.30% 29.91%1888 9.56% 10.81% 1.14% 1938 12.46% 33.24% 18.48%1889 3.25% 8.20% 4.80% 1978 10.56% 13.84% 2.97%1890 5.64% -6.66% -11.64% 1999 10.25% 11.61% 1.23%1891 5.02% 7.94% 2.78% 1888 9.56% 10.81% 1.14%1892 1.51% -6.58% -7.96% 2001 8.67% 5.32% -3.08%1893 -2.92% -8.62% -5.87% 1935 8.57% 55.08% 42.84%1894 -1.40% -6.73% -5.40% 1968 8.51% 11.28% 2.55%1895 2.52% 3.75% 1.19% 1983 8.51% 3.08% -5.00%1896 2.70% -2.46% -5.03% 1901 8.41% -3.90% -11.36%1897 -1.28% 15.08% 16.57% 1945 7.14% 29.36% 20.74%1898 1.29% 63.66% 61.57% 1975 6.92% 30.11% 21.69%1899 3.21% -11.18% -13.95% 1997 6.46% 33.67% 25.55%1900 -7.09% 5.91% 14.00% 2003 6.11% 29.60% 22.14%1901 8.41% -3.90% -11.36% 1890 5.64% -6.66% -11.64%1902 -0.26% -5.28% -5.03% 1989 5.46% 18.03% 11.92%1903 0.21% -22.82% -22.99% 1954 5.21% 34.99% 28.30%1904 -0.64% 62.92% 63.97% 1907 5.18% -15.77% -19.92%1905 -4.93% 21.15% 27.44% 1963 5.15% 19.16% 13.32%1906 -6.62% -17.32% -11.46% 1891 5.02% 7.94% 2.78%1907 5.18% -15.77% -19.92% 1919 4.54% 15.71% 10.69%1908 3.01% 27.56% 23.83% 1951 4.51% 8.68% 3.99%1909 2.52% 4.17% 1.61% 1922 4.14% 15.38% 10.79%1910 -3.91% -7.18% -3.40% 1971 4.13% 4.02% -0.11%1911 0.46% 6.00% 5.52% 1957 4.12% -5.91% -9.63%1912 2.30% -8.32% -10.39% 1921 4.07% 17.54% 12.95%1913 -2.94% 1.82% 4.90% 1950 4.02% 20.33% 15.68%1914 -3.98% 0.78% 4.95% 1980 3.98% 27.76% 22.86%1915 18.00% 53.30% 29.91% 1995 3.93% 34.38% 29.29%1916 -3.72% 2.32% 6.27% 1955 3.89% 24.92% 20.24%1917 -2.28% -19.59% -17.71% 1992 3.82% 6.17% 2.26%1918 1.03% 15.81% 14.63% 1965 3.74% 4.02% 0.27%1919 4.54% 15.71% 10.69% 1959 3.66% 2.47% -1.15%1920 -9.02% -26.31% -19.01% 1967 3.59% -2.92% -6.29%1921 4.07% 17.54% 12.95% 1946 3.51% -11.29% -14.30%1922 4.14% 15.38% 10.79% 1929 3.38% -7.37% -10.39%1923 -4.25% -9.48% -5.46% 1889 3.25% 8.20% 4.80%1924 -2.56% 25.52% 28.82% 1899 3.21% -11.18% -13.95%1925 2.79% 20.31% 17.04% 1982 3.11% 37.34% 33.20%1926 2.31% 13.97% 11.39% 1908 3.01% 27.56% 23.83%1927 2.58% 33.28% 29.93% 1998 3.00% 11.21% 7.97%1928 -0.81% 44.76% 45.94% 1925 2.79% 20.31% 17.04%1929 3.38% -7.37% -10.39% 1896 2.70% -2.46% -5.03%1930 -2.40% -39.76% -38.27% 1927 2.58% 33.28% 29.93%

YearApril

April Change

Change for Year

1931 -12.28% -57.48% -51.53% 1909 2.52% 4.17% 1.61%1932 -23.43% -24.40% -1.27% 1895 2.52% 3.75% 1.19%1933 40.18% 83.84% 31.15% 1926 2.31% 13.97% 11.39%1934 -1.34% -1.02% 0.32% 1912 2.30% -8.32% -10.39%1935 8.57% 55.08% 42.84% 1988 2.23% 15.37% 12.86%1936 -6.82% 19.23% 27.97% 1958 2.04% 34.68% 31.99%1937 -6.51% -46.92% -43.22% 1948 1.87% -0.06% -1.89%1938 12.46% 33.24% 18.48% 1969 1.57% -16.02% -17.32%1939 -2.57% 12.22% 15.18% 1892 1.51% -6.58% -7.96%1940 0.32% -17.05% -17.32% 1972 1.43% 1.10% -0.33%1941 -5.85% -18.90% -13.86% 1898 1.29% 63.66% 61.57%1942 -4.20% 37.21% 43.23% 1994 1.26% 14.35% 12.93%1943 -0.80% 1.66% 2.48% 1918 1.03% 15.81% 14.63%1944 -1.88% 11.21% 13.35% 1966 0.96% -6.36% -7.25%1945 7.14% 29.36% 20.74% 1956 0.85% -7.23% -8.00%1946 3.51% -11.29% -14.30% 1977 0.85% -17.60% -18.29%1947 -3.70% 0.00% 3.84% 1887 0.76% -16.46% -17.09%1948 1.87% -0.06% -1.89% 1984 0.50% 8.75% 8.20%1949 -1.66% 16.35% 18.31% 1911 0.46% 6.00% 5.52%1950 4.02% 20.33% 15.68% 1940 0.32% -17.05% -17.32%1951 4.51% 8.68% 3.99% 1961 0.31% 4.48% 4.16%1952 -4.39% 3.86% 8.63% 1903 0.21% -22.82% -22.99%1953 -1.83% 8.45% 10.47% 1993 -0.22% 5.85% 6.08%1954 5.21% 34.99% 28.30% 1976 -0.26% -8.04% -7.80%1955 3.89% 24.92% 20.24% 1902 -0.26% -5.28% -5.03%1956 0.85% -7.23% -8.00% 1964 -0.31% 9.32% 9.66%1957 4.12% -5.91% -9.63% 1996 -0.32% 17.83% 18.21%1958 2.04% 34.68% 31.99% 1981 -0.61% -18.04% -17.54%1959 3.66% 2.47% -1.15% 1904 -0.64% 62.92% 63.97%1960 -2.41% 9.74% 12.45% 1985 -0.69% 43.56% 44.56%1961 0.31% 4.48% 4.16% 1987 -0.80% -13.74% -13.05%1962 -5.89% -3.46% 2.58% 1943 -0.80% 1.66% 2.48%1963 5.15% 19.16% 13.32% 1928 -0.81% 44.76% 45.94%1964 -0.31% 9.32% 9.66% 1979 -0.84% -8.86% -8.09%1965 3.74% 4.02% 0.27% 1991 -0.89% 11.04% 12.04%1966 0.96% -6.36% -7.25% 1974 -1.17% -9.28% -8.20%1967 3.59% -2.92% -6.29% 1897 -1.28% 15.08% 16.57%1968 8.51% 11.28% 2.55% 1934 -1.34% -1.02% 0.32%1969 1.57% -16.02% -17.32% 1894 -1.40% -6.73% -5.40%1970 -6.30% 15.12% 22.86% 1949 -1.66% 16.35% 18.31%1971 4.13% 4.02% -0.11% 2000 -1.72% -9.55% -7.97%1972 1.43% 1.10% -0.33% 1953 -1.83% 8.45% 10.47%1973 -3.11% -10.97% -8.11% 1990 -1.86% 7.63% 9.68%1974 -1.17% -9.28% -8.20% 1944 -1.88% 11.21% 13.35%1975 6.92% 30.11% 21.69% 1986 -1.90% 26.73% 29.19%1976 -0.26% -8.04% -7.80% 1917 -2.28% -19.59% -17.71%

YearApril

April Change

Change for Year

1977 0.85% -17.60% -18.29% 1930 -2.40% -39.76% -38.27%1978 10.56% 13.84% 2.97% 1960 -2.41% 9.74% 12.45%1979 -0.84% -8.86% -8.09% 1924 -2.56% 25.52% 28.82%1980 3.98% 27.76% 22.86% 1939 -2.57% 12.22% 15.18%1981 -0.61% -18.04% -17.54% 1893 -2.92% -8.62% -5.87%1982 3.11% 37.34% 33.20% 1913 -2.94% 1.82% 4.90%1983 8.51% 3.08% -5.00% 1886 -3.01% 11.55% 15.01%1984 0.50% 8.75% 8.20% 1973 -3.11% -10.97% -8.11%1985 -0.69% 43.56% 44.56% 1947 -3.70% 0.00% 3.84%1986 -1.90% 26.73% 29.19% 1916 -3.72% 2.32% 6.27%1987 -0.80% -13.74% -13.05% 1910 -3.91% -7.18% -3.40%1988 2.23% 15.37% 12.86% 1914 -3.98% 0.78% 4.95%1989 5.46% 18.03% 11.92% 1942 -4.20% 37.21% 43.23%1990 -1.86% 7.63% 9.68% 1923 -4.25% -9.48% -5.46%1991 -0.89% 11.04% 12.04% 1952 -4.39% 3.86% 8.63%1992 3.82% 6.17% 2.26% 2002 -4.40% -23.18% -19.65%1993 -0.22% 5.85% 6.08% 1905 -4.93% 21.15% 27.44%1994 1.26% 14.35% 12.93% 1941 -5.85% -18.90% -13.86%1995 3.93% 34.38% 29.29% 1962 -5.89% -3.46% 2.58%1996 -0.32% 17.83% 18.21% 1970 -6.30% 15.12% 22.86%1997 6.46% 33.67% 25.55% 1937 -6.51% -46.92% -43.22%1998 3.00% 11.21% 7.97% 1906 -6.62% -17.32% -11.46%1999 10.25% 11.61% 1.23% 1936 -6.82% 19.23% 27.97%2000 -1.72% -9.55% -7.97% 1900 -7.09% 5.91% 14.00%2001 8.67% 5.32% -3.08% 1920 -9.02% -26.31% -19.01%2002 -4.40% -23.18% -19.65% 1931 -12.28% -57.48% -51.53%2003 6.11% 29.60% 22.14% 1932 -23.43% -24.40% -1.27%

The Monthly Effect for MayDow Jones Industrial Average 1886-2004

YearMay

Change from end of May Year

May Change

Change for Year

Change from end of May

1886 4.53% 15.88% 10.86% 1898 14.66% 66.77% 45.45%1887 1.06% -9.16% -10.11% 1919 13.59% 0.71% -11.34%1888 -5.44% 4.43% 10.43% 1933 13.46% 29.40% 14.05%1889 4.06% 10.71% 6.39% 1925 8.28% 19.75% 10.59%1890 2.18% -7.20% -9.18% 1990 8.28% 8.70% 0.39%1891 -4.15% 4.33% 8.85% 1939 7.57% 15.55% 7.42%1892 -1.81% -10.65% -9.00% 1942 5.80% 42.09% 34.30%1893 -6.27% -7.19% -0.98% 1948 5.67% -3.52% -8.69%1894 -3.68% -3.01% 0.69% 1927 5.33% 28.88% 22.36%1895 4.13% 3.93% -0.20% 1986 5.20% 28.16% 21.83%1896 -2.23% -6.24% -4.10% 1943 4.86% 0.55% -4.10%1897 2.45% 18.08% 15.25% 1991 4.84% 16.32% 10.95%1898 14.66% 66.77% 45.45% 1936 4.78% 19.63% 14.17%1899 -11.99% -20.05% -9.16% 1908 4.61% 26.95% 21.35%1900 -3.65% 23.59% 28.27% 1997 4.59% 29.31% 23.63%1901 -0.04% -11.60% -11.57% 1985 4.56% 41.80% 35.62%1902 -0.88% -4.83% -3.99% 1886 4.53% 15.88% 10.86%1903 -5.50% -23.48% -19.03% 1917 4.45% -16.86% -20.40%1904 -1.29% 55.89% 57.92% 1944 4.41% 21.44% 16.31%1905 -2.31% 19.00% 21.82% 1909 4.41% -2.37% -6.49%1906 3.56% -6.88% -10.08% 2003 4.37% 20.58% 15.54%1907 -7.37% -17.50% -10.94% 1950 4.24% 20.90% 15.98%1908 4.61% 26.95% 21.35% 1980 4.14% 22.11% 17.27%1909 4.41% -2.37% -6.49% 1895 4.13% 3.93% -0.20%1910 0.13% -2.96% -3.08% 1889 4.06% 10.71% 6.39%1911 2.27% 7.95% 5.55% 1960 3.96% 12.80% 8.51%1912 -2.54% -13.02% -10.75% 1928 3.87% 50.87% 45.26%1913 -0.21% 0.73% 0.94% 1906 3.56% -6.88% -10.08%1914 3.11% 23.84% 20.11% 1995 3.33% 28.88% 24.72%1915 -9.91% 25.08% 38.83% 1959 3.21% -3.54% -6.54%1916 2.25% 3.84% 1.56% 1922 3.12% 6.08% 2.88%1917 4.45% -16.86% -20.40% 1914 3.11% 23.84% 20.11%1918 0.74% 19.83% 18.95% 1993 2.91% 7.41% 4.37%1919 13.59% 0.71% -11.34% 1946 2.66% -17.47% -19.62%1920 -1.58% -15.72% -14.36% 1961 2.65% -1.97% -4.51%1921 -6.85% 17.63% 26.28% 1954 2.56% 33.29% 29.97%1922 3.12% 6.08% 2.88% 1989 2.54% 9.84% 7.12%1923 -0.86% -7.88% -7.07% 1897 2.45% 18.08% 15.25%1924 -0.81% 32.42% 33.49% 1911 2.27% 7.95% 5.55%1925 8.28% 19.75% 10.59% 1916 2.25% 3.84% 1.56%1926 -0.19% 14.26% 14.49% 1890 2.18% -7.20% -9.18%1927 5.33% 28.88% 22.36% 1957 2.14% -7.79% -9.72%1928 3.87% 50.87% 45.26% 1994 2.08% 17.37% 14.98%1929 -6.85% -12.55% -6.11% 1952 2.06% 6.65% 4.49%1930 -1.49% -45.85% -45.04% 1945 1.73% 24.98% 22.86%

YearMay

May Change

Change for Year

1931 -15.03% -62.89% -56.32% 2001 1.65% -7.35% -8.85%1932 -20.26% 38.41% 73.58% 1958 1.50% 36.83% 34.81%1933 13.46% 29.40% 14.05% 1975 1.33% 21.37% 19.77%1934 -6.46% 8.92% 16.44% 1996 1.33% 25.86% 24.20%1935 1.09% 33.09% 31.66% 1963 1.29% 12.97% 11.53%1936 4.78% 19.63% 14.17% 1964 1.21% 13.76% 12.40%1937 0.25% -36.15% -36.31% 1992 1.12% 2.04% 0.90%1938 -3.18% 15.43% 19.22% 1935 1.09% 33.09% 31.66%1939 7.57% 15.55% 7.42% 1887 1.06% -9.16% -10.11%1940 -21.70% -22.16% -0.59% 1918 0.74% 19.83% 18.95%1941 0.19% -17.47% -17.63% 1972 0.69% -3.43% -4.09%1942 5.80% 42.09% 34.30% 1978 0.39% 2.10% 1.70%1943 4.86% 0.55% -4.10% 1937 0.25% -36.15% -36.31%1944 4.41% 21.44% 16.31% 1987 0.23% -11.11% -11.31%1945 1.73% 24.98% 22.86% 1941 0.19% -17.47% -17.63%1946 2.66% -17.47% -19.62% 1910 0.13% -2.96% -3.08%1947 -0.81% 5.78% 6.65% 1901 -0.04% -11.60% -11.57%1948 5.67% -3.52% -8.69% 1988 -0.06% 19.02% 19.09%1949 -3.33% 23.06% 27.30% 1955 -0.19% 21.25% 21.48%1950 4.24% 20.90% 15.98% 1926 -0.19% 14.26% 14.49%1951 -3.66% -0.58% 3.20% 1913 -0.21% 0.73% 0.94%1952 2.06% 6.65% 4.49% 2002 -0.21% -14.74% -14.56%1953 -0.90% 16.23% 17.28% 1965 -0.46% 1.23% 1.70%1954 2.56% 33.29% 29.97% 1981 -0.60% -14.97% -14.46%1955 -0.19% 21.25% 21.48% 1924 -0.81% 32.42% 33.49%1956 -7.38% -4.22% 3.41% 1947 -0.81% 5.78% 6.65%1957 2.14% -7.79% -9.72% 1923 -0.86% -7.88% -7.07%1958 1.50% 36.83% 34.81% 1902 -0.88% -4.83% -3.99%1959 3.21% -3.54% -6.54% 1953 -0.90% 16.23% 17.28%1960 3.96% 12.80% 8.51% 1904 -1.29% 55.89% 57.92%1961 2.65% -1.97% -4.51% 1969 -1.33% -22.53% -21.49%1962 -7.81% 7.87% 17.01% 1968 -1.45% 4.16% 5.69%1963 1.29% 12.97% 11.53% 1930 -1.49% -45.85% -45.04%1964 1.21% 13.76% 12.40% 1920 -1.58% -15.72% -14.36%1965 -0.46% 1.23% 1.70% 1998 -1.80% 19.04% 21.23%1966 -5.31% -3.92% 1.47% 1892 -1.81% -10.65% -9.00%1967 -4.96% 1.69% 7.00% 2000 -1.97% 0.01% 2.02%1968 -1.45% 4.16% 5.69% 1999 -2.13% -0.51% 1.65%1969 -1.33% -22.53% -21.49% 1983 -2.14% -4.52% -2.44%1970 -4.84% 27.94% 34.45% 1976 -2.17% -7.02% -4.96%1971 -3.60% 1.32% 5.11% 1973 -2.17% -9.19% -7.17%1972 0.69% -3.43% -4.09% 1896 -2.23% -6.24% -4.10%1973 -2.17% -9.19% -7.17% 1905 -2.31% 19.00% 21.82%1974 -4.13% -1.84% 2.39% 1912 -2.54% -13.02% -10.75%1975 1.33% 21.37% 19.77% 1977 -3.05% -9.66% -6.83%1976 -2.17% -7.02% -4.96% 1938 -3.18% 15.43% 19.22%

YearMay

May Change

Change for Year

1977 -3.05% -9.66% -6.83% 1949 -3.33% 23.06% 27.30%1978 0.39% 2.10% 1.70% 1982 -3.40% 44.54% 49.62%1979 -3.81% -4.43% -0.64% 1971 -3.60% 1.32% 5.11%1980 4.14% 22.11% 17.27% 1900 -3.65% 23.59% 28.27%1981 -0.60% -14.97% -14.46% 1951 -3.66% -0.58% 3.20%1982 -3.40% 44.54% 49.62% 1894 -3.68% -3.01% 0.69%1983 -2.14% -4.52% -2.44% 1979 -3.81% -4.43% -0.64%1984 -5.63% 7.46% 13.87% 1974 -4.13% -1.84% 2.39%1985 4.56% 41.80% 35.62% 1891 -4.15% 4.33% 8.85%1986 5.20% 28.16% 21.83% 1970 -4.84% 27.94% 34.45%1987 0.23% -11.11% -11.31% 1967 -4.96% 1.69% 7.00%1988 -0.06% 19.02% 19.09% 1966 -5.31% -3.92% 1.47%1989 2.54% 9.84% 7.12% 1888 -5.44% 4.43% 10.43%1990 8.28% 8.70% 0.39% 1903 -5.50% -23.48% -19.03%1991 4.84% 16.32% 10.95% 1984 -5.63% 7.46% 13.87%1992 1.12% 2.04% 0.90% 1893 -6.27% -7.19% -0.98%1993 2.91% 7.41% 4.37% 1934 -6.46% 8.92% 16.44%1994 2.08% 17.37% 14.98% 1921 -6.85% 17.63% 26.28%1995 3.33% 28.88% 24.72% 1929 -6.85% -12.55% -6.11%1996 1.33% 25.86% 24.20% 1907 -7.37% -17.50% -10.94%1997 4.59% 29.31% 23.63% 1956 -7.38% -4.22% 3.41%1998 -1.80% 19.04% 21.23% 1962 -7.81% 7.87% 17.01%1999 -2.13% -0.51% 1.65% 1915 -9.91% 25.08% 38.83%2000 -1.97% 0.01% 2.02% 1899 -11.99% -20.05% -9.16%2001 1.65% -7.35% -8.85% 1931 -15.03% -62.89% -56.32%2002 -0.21% -14.74% -14.56% 1932 -20.26% 38.41% 73.58%2003 4.37% 20.58% 15.54% 1940 -21.70% -22.16% -0.59%

The Monthly Effect for JuneDow Jones Industrial Average 1886-2004

YearJune

Change from end of June Year

June Change

Change for Year

Change from end of June

1886 1.61% 12.04% 10.27% 1938 24.26% 28.25% 3.21%1887 -4.34% -15.00% -11.15% 1931 16.91% -65.17% -70.21%1888 -0.10% 14.92% 15.03% 1929 12.23% -7.51% -17.59%1889 -1.02% 8.71% 9.83% 1933 11.38% 6.68% -4.22%1890 -1.43% -12.96% -11.69% 1897 10.50% 32.15% 19.59%1891 -2.72% 6.87% 9.86% 1915 8.33% 41.95% 31.03%1892 -0.22% -14.71% -14.52% 1924 7.20% 44.55% 34.84%1893 -2.33% -4.62% -2.35% 1935 6.84% 37.96% 29.13%1894 -1.65% 4.85% 6.61% 1926 6.70% 20.59% 13.02%1895 -0.33% -2.43% -2.11% 1941 6.38% -12.85% -18.08%1896 -11.02% -1.75% 10.42% 1955 6.24% 12.52% 5.91%1897 10.50% 32.15% 19.59% 1918 5.89% 35.12% 27.60%1898 -0.23% 28.00% 28.30% 1975 5.61% 17.17% 10.95%1899 4.25% -12.47% -16.04% 1987 5.54% -11.37% -16.02%1900 -7.05% 28.23% 37.95% 1988 5.44% 22.11% 15.80%1901 2.86% -12.34% -14.78% 1940 4.86% -0.40% -5.01%1902 -3.19% -9.27% -6.28% 1947 4.76% 12.70% 7.58%1903 -1.97% -20.07% -18.46% 1997 4.66% 21.40% 15.99%1904 2.24% 54.26% 50.89% 1944 4.32% 18.32% 13.42%1905 3.43% 26.16% 21.97% 1952 4.31% 3.55% -0.72%1906 -7.19% -16.70% -10.24% 1899 4.25% -12.47% -16.04%1907 2.90% -6.83% -9.46% 1999 3.89% -0.35% -4.09%1908 -0.23% 26.70% 26.98% 1905 3.43% 26.16% 21.97%1909 0.10% -6.37% -6.46% 1958 3.35% 39.14% 34.63%1910 -5.95% -0.89% 5.38% 1936 3.31% 14.46% 10.79%1911 0.51% 2.87% 2.35% 1912 3.30% -10.94% -13.78%1912 3.30% -10.94% -13.78% 1956 3.08% 5.62% 2.47%1913 -4.46% 4.08% 8.93% 1907 2.90% -6.83% -9.46%1914 -1.12% 8.22% 9.44% 1901 2.86% -12.34% -14.78%1915 8.33% 41.95% 31.03% 1976 2.82% -7.85% -10.38%1916 -2.42% 6.08% 8.71% 1984 2.49% 19.06% 16.16%1917 -1.55% -19.82% -18.56% 1942 2.44% 40.82% 37.47%1918 5.89% 35.12% 27.60% 1960 2.42% 11.39% 8.76%1919 1.40% -12.74% -13.95% 1979 2.39% 3.47% 1.05%1920 -1.41% -20.23% -19.08% 1904 2.24% 54.26% 50.89%1921 -6.79% 30.22% 39.71% 1995 2.04% 26.38% 23.86%1922 -2.82% 1.99% 4.95% 1980 2.01% 16.56% 14.27%1923 -9.93% -7.82% 2.33% 1977 1.96% -6.46% -8.26%1924 7.20% 44.55% 34.84% 1954 1.84% 29.73% 27.38%1925 0.82% 10.37% 9.48% 1983 1.83% -7.93% -9.58%1926 6.70% 20.59% 13.02% 1934 1.83% 17.70% 15.59%1927 -3.89% 27.09% 32.23% 1886 1.61% 12.04% 10.27%1928 -4.21% 35.30% 41.25% 2003 1.53% 15.12% 13.39%1929 12.23% -7.51% -17.59% 1985 1.52% 42.67% 40.53%1930 -17.72% -53.30% -43.24% 1919 1.40% -12.74% -13.95%

YearJune

June Change

Change for Year

1931 16.91% -65.17% -70.21% 1964 1.33% 11.88% 10.41%1932 -4.25% 96.94% 105.67% 1943 0.93% 0.13% -0.80%1933 11.38% 6.68% -4.22% 1967 0.90% 5.45% 4.50%1934 1.83% 17.70% 15.59% 1986 0.85% 22.11% 21.07%1935 6.84% 37.96% 29.13% 1925 0.82% 10.37% 9.48%1936 3.31% 14.46% 10.79% 1998 0.58% 18.65% 17.96%1937 -3.09% -38.33% -36.37% 1911 0.51% 2.87% 2.35%1938 24.26% 28.25% 3.21% 1996 0.20% 29.91% 29.65%1939 -5.46% -15.89% -11.03% 1990 0.14% 5.24% 5.10%1940 4.86% -0.40% -5.01% 1909 0.10% -6.37% -6.46%1941 6.38% -12.85% -18.08% 1974 0.03% 3.75% 3.72%1942 2.44% 40.82% 37.47% 1959 -0.03% -2.84% -2.81%1943 0.93% 0.13% -0.80% 1888 -0.10% 14.92% 15.03%1944 4.32% 18.32% 13.42% 1968 -0.13% 4.29% 4.43%1945 -1.79% 26.13% 28.43% 1892 -0.22% -14.71% -14.52%1946 -3.14% -20.27% -17.69% 1908 -0.23% 26.70% 26.98%1947 4.76% 12.70% 7.58% 1898 -0.23% 28.00% 28.30%1948 -0.67% -11.73% -11.14% 1993 -0.32% 6.55% 6.89%1949 -0.56% 32.70% 33.45% 1957 -0.32% -8.36% -8.06%1950 -6.40% 11.74% 19.39% 1895 -0.33% -2.43% -2.11%1951 -2.81% 5.32% 8.37% 1949 -0.56% 32.70% 33.45%1952 4.31% 3.55% -0.72% 1948 -0.67% -11.73% -11.14%1953 -1.48% 20.28% 22.08% 2000 -0.71% 3.70% 4.44%1954 1.84% 29.73% 27.38% 1982 -0.93% 46.42% 47.79%1955 6.24% 12.52% 5.91% 1889 -1.02% 8.71% 9.83%1956 3.08% 5.62% 2.47% 1973 -1.08% -11.01% -10.04%1957 -0.32% -8.36% -8.06% 1914 -1.12% 8.22% 9.44%1958 3.35% 39.14% 34.63% 1920 -1.41% -20.23% -19.08%1959 -0.03% -2.84% -2.81% 1890 -1.43% -12.96% -11.69%1960 2.42% 11.39% 8.76% 1953 -1.48% 20.28% 22.08%1961 -1.83% -11.96% -10.32% 1981 -1.50% -17.36% -16.11%1962 -8.49% 18.52% 29.52% 1917 -1.55% -19.82% -18.56%1963 -2.76% 12.88% 16.08% 1966 -1.58% -3.56% -2.02%1964 1.33% 11.88% 10.41% 1989 -1.62% 15.99% 17.89%1965 -5.45% -3.70% 1.85% 1894 -1.65% 4.85% 6.61%1966 -1.58% -3.56% -2.02% 1945 -1.79% 26.13% 28.43%1967 0.90% 5.45% 4.50% 1961 -1.83% -11.96% -10.32%1968 -0.13% 4.29% 4.43% 1971 -1.84% 5.83% 7.81%1969 -6.87% -25.29% -19.78% 1903 -1.97% -20.07% -18.46%1970 -2.41% 29.61% 32.81% 1992 -2.31% 3.84% 6.30%1971 -1.84% 5.83% 7.81% 1893 -2.33% -4.62% -2.35%1972 -3.30% -6.17% -2.97% 1970 -2.41% 29.61% 32.81%1973 -1.08% -11.01% -10.04% 1916 -2.42% 6.08% 8.71%1974 0.03% 3.75% 3.72% 1978 -2.58% -2.17% 0.41%1975 5.61% 17.17% 10.95% 1891 -2.72% 6.87% 9.86%1976 2.82% -7.85% -10.38% 1963 -2.76% 12.88% 16.08%

YearJune

June Change

Change for Year

1977 1.96% -6.46% -8.26% 1951 -2.81% 5.32% 8.37%1978 -2.58% -2.17% 0.41% 1922 -2.82% 1.99% 4.95%1979 2.39% 3.47% 1.05% 1937 -3.09% -38.33% -36.37%1980 2.01% 16.56% 14.27% 1946 -3.14% -20.27% -17.69%1981 -1.50% -17.36% -16.11% 1902 -3.19% -9.27% -6.28%1982 -0.93% 46.42% 47.79% 1972 -3.30% -6.17% -2.97%1983 1.83% -7.93% -9.58% 1994 -3.55% 18.81% 23.18%1984 2.49% 19.06% 16.16% 2001 -3.75% -9.04% -5.50%1985 1.52% 42.67% 40.53% 1927 -3.89% 27.09% 32.23%1986 0.85% 22.11% 21.07% 1991 -3.99% 12.20% 16.86%1987 5.54% -11.37% -16.02% 1928 -4.21% 35.30% 41.25%1988 5.44% 22.11% 15.80% 1932 -4.25% 96.94% 105.67%1989 -1.62% 15.99% 17.89% 1887 -4.34% -15.00% -11.15%1990 0.14% 5.24% 5.10% 1913 -4.46% 4.08% 8.93%1991 -3.99% 12.20% 16.86% 1965 -5.45% -3.70% 1.85%1992 -2.31% 3.84% 6.30% 1939 -5.46% -15.89% -11.03%1993 -0.32% 6.55% 6.89% 1910 -5.95% -0.89% 5.38%1994 -3.55% 18.81% 23.18% 1950 -6.40% 11.74% 19.39%1995 2.04% 26.38% 23.86% 1921 -6.79% 30.22% 39.71%1996 0.20% 29.91% 29.65% 1969 -6.87% -25.29% -19.78%1997 4.66% 21.40% 15.99% 2002 -6.87% -10.83% -4.25%1998 0.58% 18.65% 17.96% 1900 -7.05% 28.23% 37.95%1999 3.89% -0.35% -4.09% 1906 -7.19% -16.70% -10.24%2000 -0.71% 3.70% 4.44% 1962 -8.49% 18.52% 29.52%2001 -3.75% -9.04% -5.50% 1923 -9.93% -7.82% 2.33%2002 -6.87% -10.83% -4.25% 1896 -11.02% -1.75% 10.42%2003 1.53% 15.12% 13.39% 1930 -17.72% -53.30% -43.24%

The Monthly Effect for JulyDow Jones Industrial Average 1886-2004

YearJuly

Change from end of July Year

July Change

Change for Year

Change from end of July

1886 2.80% 5.48% 2.61% 1932 26.66% 129.08% 80.87%1887 -6.70% -11.23% -4.86% 1908 10.66% 27.12% 14.87%1888 7.48% 13.86% 5.93% 1927 9.85% 26.66% 15.30%1889 -1.83% 8.26% 10.27% 1939 9.67% -6.71% -14.93%1890 -1.40% -14.09% -12.87% 1937 9.62% -20.93% -27.87%1891 -2.55% 9.62% 12.48% 1989 9.04% 18.06% 8.27%1892 1.21% -16.51% -17.50% 1897 8.57% 19.31% 9.89%1893 -15.68% -3.96% 13.89% 1980 7.77% 12.55% 4.44%1894 -0.73% 6.26% 7.04% 1915 7.54% 27.86% 18.90%1895 5.10% -12.89% -17.12% 1888 7.48% 13.86% 5.93%1896 -11.40% 22.02% 37.72% 1970 7.40% 30.37% 21.39%1897 8.57% 19.31% 9.89% 1997 7.17% 16.67% 8.87%1898 2.98% 33.75% 29.87% 1935 6.78% 33.40% 24.92%1899 4.75% -21.96% -25.50% 1962 6.53% 25.94% 18.22%1900 3.40% 41.90% 37.23% 1987 6.35% -11.45% -16.73%1901 -8.11% -17.50% -10.22% 1905 6.29% 13.19% 6.50%1902 2.36% -8.13% -10.24% 1951 6.27% 13.03% 6.36%1903 -14.09% -16.64% -2.96% 1906 6.21% -7.64% -13.04%1904 5.85% 56.07% 47.45% 1924 5.99% 35.94% 28.27%1905 6.29% 13.19% 6.50% 1904 5.85% 56.07% 47.45%1906 6.21% -7.64% -13.04% 1938 5.50% -2.43% -7.52%1907 -1.85% -9.67% -7.96% 1978 5.29% 2.81% -2.35%1908 10.66% 27.12% 14.87% 1958 5.19% 34.59% 27.95%1909 4.88% -12.03% -16.12% 1967 5.11% 4.36% -0.71%1910 -5.78% 5.92% 12.42% 1895 5.10% -12.89% -17.12%1911 0.05% 5.73% 5.68% 1956 5.08% 2.13% -2.80%1912 -1.32% -17.63% -16.52% 1949 5.08% 24.90% 18.87%1913 4.79% 7.71% 2.78% 1909 4.88% -12.03% -16.12%1914 -11.46% 18.56% 33.91% 1959 4.86% -0.46% -5.08%1915 7.54% 27.86% 18.90% 1926 4.85% 8.62% 3.59%1916 -0.37% 7.02% 7.42% 1913 4.79% 7.71% 2.78%1917 -4.30% -13.76% -9.89% 1899 4.75% -21.96% -25.50%1918 -1.75% 29.39% 31.70% 1941 4.59% -16.08% -19.76%1919 0.17% -15.16% -15.30% 1936 4.55% 7.38% 2.71%1920 -4.31% -24.58% -21.19% 1922 4.43% -5.47% -9.48%1921 0.60% 35.76% 34.95% 1954 4.31% 35.33% 29.74%1922 4.43% -5.47% -9.48% 1929 4.17% -32.19% -34.90%1923 -1.07% 9.70% 10.88% 1991 4.06% 14.17% 9.71%1924 5.99% 35.94% 28.27% 1973 3.89% -10.01% -13.38%1925 2.14% 16.82% 14.37% 1994 3.85% 25.69% 21.03%1926 4.85% 8.62% 3.59% 1940 3.50% 1.04% -2.38%1927 9.85% 26.66% 15.30% 1900 3.40% 41.90% 37.23%1928 2.59% 58.53% 54.53% 1930 3.38% -33.65% -35.82%1929 4.17% -32.19% -34.90% 1995 3.34% 24.11% 20.09%1930 3.38% -33.65% -35.82% 1947 3.32% 6.86% 3.43%

YearJuly

July Change

Change for Year

1931 -9.85% -71.47% -68.36% 1955 3.21% 9.17% 5.78%1932 26.66% 129.08% 80.87% 1961 3.13% -17.94% -20.43%1933 -7.51% -2.47% 5.45% 1898 2.98% 33.75% 29.87%1934 -8.01% 23.50% 34.25% 1886 2.80% 5.48% 2.61%1935 6.78% 33.40% 24.92% 2003 2.76% 16.14% 13.01%1936 4.55% 7.38% 2.71% 1953 2.65% 24.33% 21.12%1937 9.62% -20.93% -27.87% 1928 2.59% 58.53% 54.53%1938 5.50% -2.43% -7.52% 1902 2.36% -8.13% -10.24%1939 9.67% -6.71% -14.93% 1942 2.30% 38.75% 35.62%1940 3.50% 1.04% -2.38% 1992 2.27% 5.95% 3.60%1941 4.59% -16.08% -19.76% 1925 2.14% 16.82% 14.37%1942 2.30% 38.75% 35.62% 1952 1.93% -2.19% -4.04%1943 -5.18% 3.49% 9.14% 1965 1.58% 0.24% -1.32%1944 -1.53% 11.40% 13.13% 1892 1.21% -16.51% -17.50%1945 -1.46% 24.40% 26.24% 1964 1.15% 4.39% 3.20%1946 -1.97% -13.77% -12.04% 1957 1.04% -4.99% -5.97%1947 3.32% 6.86% 3.43% 1985 0.90% 41.73% 40.47%1948 -4.29% -11.63% -7.67% 1990 0.85% 0.90% 0.05%1949 5.08% 24.90% 18.87% 2000 0.71% 0.52% -0.19%1950 0.14% 16.03% 15.87% 1993 0.67% 3.10% 2.42%1951 6.27% 13.03% 6.36% 1921 0.60% 35.76% 34.95%1952 1.93% -2.19% -4.04% 1979 0.53% 3.08% 2.54%1953 2.65% 24.33% 21.12% 2001 0.19% -11.99% -12.16%1954 4.31% 35.33% 29.74% 1919 0.17% -15.16% -15.30%1955 3.21% 9.17% 5.78% 1950 0.14% 16.03% 15.87%1956 5.08% 2.13% -2.80% 1911 0.05% 5.73% 5.68%1957 1.04% -4.99% -5.97% 1916 -0.37% 7.02% 7.42%1958 5.19% 34.59% 27.95% 1982 -0.41% 50.50% 51.12%1959 4.86% -0.46% -5.08% 1972 -0.46% -4.02% -3.57%1960 -3.73% 6.77% 10.90% 1988 -0.61% 13.93% 14.63%1961 3.13% -17.94% -20.43% 1894 -0.73% 6.26% 7.04%1962 6.53% 25.94% 18.22% 1998 -0.77% 22.55% 23.50%1963 -1.62% 17.63% 19.57% 1923 -1.07% 9.70% 10.88%1964 1.15% 4.39% 3.20% 1912 -1.32% -17.63% -16.52%1965 1.58% 0.24% -1.32% 1890 -1.40% -14.09% -12.87%1966 -2.61% -1.13% 1.52% 1945 -1.46% 24.40% 26.24%1967 5.11% 4.36% -0.71% 1984 -1.51% 17.93% 19.74%1968 -1.65% -2.74% -1.11% 1944 -1.53% 11.40% 13.13%1969 -6.61% -21.72% -16.18% 1963 -1.62% 17.63% 19.57%1970 7.40% 30.37% 21.39% 1968 -1.65% -2.74% -1.11%1971 -3.67% 4.25% 8.22% 1918 -1.75% 29.39% 31.70%1972 -0.46% -4.02% -3.57% 1976 -1.81% -8.62% -6.94%1973 3.89% -10.01% -13.38% 1889 -1.83% 8.26% 10.27%1974 -5.61% 9.54% 16.05% 1907 -1.85% -9.67% -7.96%1975 -5.40% 14.08% 20.60% 1983 -1.86% -7.33% -5.57%1976 -1.81% -8.62% -6.94% 1946 -1.97% -13.77% -12.04%

YearJuly

July Change

Change for Year

1977 -2.86% -10.62% -7.99% 1996 -2.22% 35.69% 38.78%1978 5.29% 2.81% -2.35% 1981 -2.51% -16.89% -14.74%1979 0.53% 3.08% 2.54% 1891 -2.55% 9.62% 12.48%1980 7.77% 12.55% 4.44% 1966 -2.61% -1.13% 1.52%1981 -2.51% -16.89% -14.74% 1977 -2.86% -10.62% -7.99%1982 -0.41% 50.50% 51.12% 1999 -2.88% -4.77% -1.95%1983 -1.86% -7.33% -5.57% 1971 -3.67% 4.25% 8.22%1984 -1.51% 17.93% 19.74% 1960 -3.73% 6.77% 10.90%1985 0.90% 41.73% 40.47% 1948 -4.29% -11.63% -7.67%1986 -6.20% 27.78% 36.23% 1917 -4.30% -13.76% -9.89%1987 6.35% -11.45% -16.73% 1920 -4.31% -24.58% -21.19%1988 -0.61% 13.93% 14.63% 1943 -5.18% 3.49% 9.14%1989 9.04% 18.06% 8.27% 1975 -5.40% 14.08% 20.60%1990 0.85% 0.90% 0.05% 2002 -5.48% -2.79% 2.85%1991 4.06% 14.17% 9.71% 1974 -5.61% 9.54% 16.05%1992 2.27% 5.95% 3.60% 1910 -5.78% 5.92% 12.42%1993 0.67% 3.10% 2.42% 1986 -6.20% 27.78% 36.23%1994 3.85% 25.69% 21.03% 1969 -6.61% -21.72% -16.18%1995 3.34% 24.11% 20.09% 1887 -6.70% -11.23% -4.86%1996 -2.22% 35.69% 38.78% 1933 -7.51% -2.47% 5.45%1997 7.17% 16.67% 8.87% 1934 -8.01% 23.50% 34.25%1998 -0.77% 22.55% 23.50% 1901 -8.11% -17.50% -10.22%1999 -2.88% -4.77% -1.95% 1931 -9.85% -71.47% -68.36%2000 0.71% 0.52% -0.19% 1896 -11.40% 22.02% 37.72%2001 0.19% -11.99% -12.16% 1914 -11.46% 18.56% 33.91%2002 -5.48% -2.79% 2.85% 1903 -14.09% -16.64% -2.96%2003 2.76% 16.14% 13.01% 1893 -15.68% -3.96% 13.89%

The Monthly Effect for AugustDow Jones Industrial Average 1886-2004

YearAugust Change

Change for Year

Change from end of August Year

August Change

Change for Year

Change from end of August

1886 -1.90% -4.27% -2.42% 1932 34.83% 67.29% 24.07%1887 0.56% 2.26% 1.69% 1897 14.45% 13.17% -1.12%1888 2.15% 4.00% 1.81% 1933 12.82% -3.00% -14.02%1889 4.37% 8.73% 4.18% 1982 11.47% 48.31% 33.05%1890 -1.02% -15.10% -14.22% 1898 11.36% 36.05% 22.17%1891 10.15% 13.84% 3.35% 1928 11.30% 60.97% 44.63%1892 -2.52% -30.43% -28.64% 1891 10.15% 13.84% 3.35%1893 7.32% 13.06% 5.34% 1984 9.78% 20.82% 10.05%1894 6.76% 12.50% 5.38% 1929 9.38% -32.70% -38.48%1895 1.50% -26.57% -27.66% 1915 7.78% 18.46% 9.91%1896 -0.17% 49.53% 49.79% 1923 7.54% 17.52% 9.29%1897 14.45% 13.17% -1.12% 1893 7.32% 13.06% 5.34%1898 11.36% 36.05% 22.17% 1945 7.01% 23.75% 15.65%1899 2.63% -22.96% -24.93% 1986 6.93% 44.88% 35.49%1900 1.78% 26.10% 23.90% 1894 6.76% 12.50% 5.38%1901 2.57% -8.10% -10.41% 2000 6.59% 0.01% -6.17%1902 0.68% -22.90% -23.42% 1925 5.51% 19.92% 13.66%1903 4.81% 2.72% -2.00% 1934 5.46% 43.36% 35.94%1904 4.69% 56.72% 49.70% 1908 5.39% 20.48% 14.32%1905 -1.30% 13.12% 14.61% 1963 4.87% 20.95% 15.33%1906 1.73% -14.65% -16.10% 1979 4.87% 10.50% 5.37%1907 -8.36% 1.85% 11.14% 1903 4.81% 2.72% -2.00%1908 5.39% 20.48% 14.32% 1951 4.80% 8.42% 3.44%1909 1.16% -20.97% -21.88% 1904 4.69% 56.72% 49.70%1910 4.18% 12.48% 7.97% 1971 4.62% 7.72% 2.97%1911 -7.87% 4.28% 13.19% 1889 4.37% 8.73% 4.18%1912 2.07% -12.52% -14.30% 1913 4.24% -8.99% -12.70%1913 4.24% -8.99% -12.70% 1972 4.22% 0.18% -3.87%1914 (1) (1) (1) 1910 4.18% 12.48% 7.97%1915 7.78% 18.46% 9.91% 1970 4.15% 16.93% 12.27%1916 3.36% 2.80% -0.54% 1994 3.96% 25.08% 20.32%1917 -9.10% -11.47% -2.60% 1927 3.93% 18.28% 13.81%1918 1.98% 31.92% 29.36% 1922 3.84% -10.45% -13.76%1919 -2.25% -18.95% -17.09% 1950 3.57% 23.14% 18.90%1920 -0.79% -20.71% -20.08% 1987 3.53% -17.24% -20.06%1921 -2.54% 40.94% 44.61% 1916 3.36% 2.80% -0.54%1922 3.84% -10.45% -13.76% 1993 3.16% 6.36% 3.10%1923 7.54% 17.52% 9.29% 1931 2.97% -59.92% -61.08%1924 2.96% 31.01% 27.24% 1924 2.96% 31.01% 27.24%1925 5.51% 19.92% 13.66% 1989 2.88% 9.19% 6.13%1926 1.27% 13.80% 12.37% 1930 2.75% -42.14% -43.69%1927 3.93% 18.28% 13.81% 1899 2.63% -22.96% -24.93%1928 11.30% 60.97% 44.63% 1969 2.61% -9.98% -12.26%1929 9.38% -32.70% -38.48% 1940 2.60% 2.10% -0.49%1930 2.75% -42.14% -43.69% 1901 2.57% -8.10% -10.41%

YearAugust Change

Change for Year

August Change

Change for Year

1931 2.97% -59.92% -61.08% 1888 2.15% 4.00% 1.81%1932 34.83% 67.29% 24.07% 1912 2.07% -12.52% -14.30%1933 12.82% -3.00% -14.02% 1961 2.07% -15.23% -16.95%1934 5.46% 43.36% 35.94% 1918 1.98% 31.92% 29.36%1935 1.32% 30.60% 28.91% 2003 1.97% 9.81% 7.69%1936 0.87% 12.59% 11.62% 1962 1.88% 16.31% 14.16%1937 -4.42% -23.90% -20.38% 1900 1.78% 26.10% 23.90%1938 -1.40% 1.42% 2.86% 1906 1.73% -14.65% -16.10%1939 -6.18% -11.95% -6.15% 1978 1.69% -1.84% -3.47%1940 2.60% 2.10% -0.49% 1999 1.63% -1.25% -2.84%1941 -0.85% -17.91% -17.21% 1996 1.58% 48.72% 46.41%1942 0.58% 28.59% 27.86% 1949 1.56% 19.03% 17.21%1943 0.49% 7.47% 6.95% 1895 1.50% -26.57% -27.66%1944 0.60% 11.48% 10.81% 1960 1.50% 14.37% 12.68%1945 7.01% 23.75% 15.65% 1968 1.47% -7.65% -8.99%1946 -6.14% -9.12% -3.18% 1983 1.41% -7.00% -8.29%1947 -2.36% -1.01% 1.39% 1935 1.32% 30.60% 28.91%1948 0.21% -2.98% -3.19% 1965 1.29% -3.90% -5.12%1949 1.56% 19.03% 17.21% 1926 1.27% 13.80% 12.37%1950 3.57% 23.14% 18.90% 1909 1.16% -20.97% -21.88%1951 4.80% 8.42% 3.44% 1958 1.12% 34.17% 32.69%1952 -1.62% -1.50% 0.12% 1936 0.87% 12.59% 11.62%1953 -5.14% 26.34% 33.19% 1902 0.68% -22.90% -23.42%1954 -3.48% 33.90% 38.73% 1991 0.62% 12.20% 11.51%1955 0.50% 11.15% 10.60% 1944 0.60% 11.48% 10.81%1956 -3.05% -1.79% 1.29% 1942 0.58% 28.59% 27.86%1957 -4.75% -1.09% 3.85% 1887 0.56% 2.26% 1.69%1958 1.12% 34.17% 32.69% 1955 0.50% 11.15% 10.60%1959 -1.55% -8.62% -7.18% 1943 0.49% 7.47% 6.95%1960 1.50% 14.37% 12.68% 1975 0.46% 18.42% 17.87%1961 2.07% -15.23% -16.95% 1948 0.21% -2.98% -3.19%1962 1.88% 16.31% 14.16% 1896 -0.17% 49.53% 49.79%1963 4.87% 20.95% 15.33% 1980 -0.29% 1.82% 2.12%1964 -0.31% 4.83% 5.16% 1964 -0.31% 4.83% 5.16%1965 1.29% -3.90% -5.12% 1967 -0.33% -2.35% -2.03%1966 -6.96% 6.71% 14.69% 1920 -0.79% -20.71% -20.08%1967 -0.33% -2.35% -2.03% 2002 -0.84% 5.69% 6.58%1968 1.47% -7.65% -8.99% 1941 -0.85% -17.91% -17.21%1969 2.61% -9.98% -12.26% 1985 -1.00% 31.75% 33.08%1970 4.15% 16.93% 12.27% 1890 -1.02% -15.10% -14.22%1971 4.62% 7.72% 2.97% 1976 -1.11% -9.60% -8.59%1972 4.22% 0.18% -3.87% 1905 -1.30% 13.12% 14.61%1973 -4.19% -18.24% -14.66% 1938 -1.40% 1.42% 2.86%1974 -10.41% 9.78% 22.54% 1959 -1.55% -8.62% -7.18%1975 0.46% 18.42% 17.87% 1952 -1.62% -1.50% 0.12%1976 -1.11% -9.60% -8.59% 1886 -1.90% -4.27% -2.42%

YearAugust Change

Change for Year

August Change

Change for Year

1977 -3.21% -3.12% 0.09% 1995 -2.08% 17.42% 19.92%1978 1.69% -1.84% -3.47% 1919 -2.25% -18.95% -17.09%1979 4.87% 10.50% 5.37% 1947 -2.36% -1.01% 1.39%1980 -0.29% 1.82% 2.12% 1892 -2.52% -30.43% -28.64%1981 -7.44% -15.09% -8.27% 1921 -2.54% 40.94% 44.61%1982 11.47% 48.31% 33.05% 1956 -3.05% -1.79% 1.29%1983 1.41% -7.00% -8.29% 1977 -3.21% -3.12% 0.09%1984 9.78% 20.82% 10.05% 1954 -3.48% 33.90% 38.73%1985 -1.00% 31.75% 33.08% 1992 -4.02% 4.29% 8.66%1986 6.93% 44.88% 35.49% 1973 -4.19% -18.24% -14.66%1987 3.53% -17.24% -20.06% 1937 -4.42% -23.90% -20.38%1988 -4.56% 24.99% 30.96% 1988 -4.56% 24.99% 30.96%1989 2.88% 9.19% 6.13% 1957 -4.75% -1.09% 3.85%1990 -10.01% 4.12% 15.70% 1953 -5.14% 26.34% 33.19%1991 0.62% 12.20% 11.51% 2001 -5.45% -16.97% -12.19%1992 -4.02% 4.29% 8.66% 1946 -6.14% -9.12% -3.18%1993 3.16% 6.36% 3.10% 1939 -6.18% -11.95% -6.15%1994 3.96% 25.08% 20.32% 1966 -6.96% 6.71% 14.69%1995 -2.08% 17.42% 19.92% 1997 -7.30% 8.03% 16.54%1996 1.58% 48.72% 46.41% 1981 -7.44% -15.09% -8.27%1997 -7.30% 8.03% 16.54% 1911 -7.87% 4.28% 13.19%1998 -15.13% 19.95% 41.33% 1907 -8.36% 1.85% 11.14%1999 1.63% -1.25% -2.84% 1917 -9.10% -11.47% -2.60%2000 6.59% 0.01% -6.17% 1990 -10.01% 4.12% 15.70%2001 -5.45% -16.97% -12.19% 1974 -10.41% 9.78% 22.54%2002 -0.84% 5.69% 6.58% 1998 -15.13% 19.95% 41.33%2003 1.97% 9.81% 7.69% 1914 (1) (1) (1)

(1) New York Stock Exchange closed from July 31, 1914 through December 11, 1914

The Monthly Effect for SeptemberDow Jones Industrial Average 1886-2004

YearSeptember

Change from end of

September YearSeptember

Change from end of

September1886 6.19% -1.87% -7.59% 1939 13.49% -3.71% -15.16%1887 0.37% 3.88% 3.50% 1896 12.77% 71.43% 52.03%1888 1.87% 6.25% 4.30% 1915 11.55% 13.61% 1.84%1889 1.51% 3.12% 1.59% 1916 11.54% -9.59% -18.95%1890 -2.95% -5.52% -2.65% 1954 7.34% 39.42% 29.88%1891 0.46% 0.74% 0.28% 1973 6.71% -23.55% -28.35%1892 -1.96% -23.41% -21.88% 1919 6.37% -17.75% -22.67%1893 4.53% 12.46% 7.59% 1886 6.19% -1.87% -7.59%1894 -3.86% 6.96% 11.25% 1921 5.92% 50.17% 41.78%1895 -1.63% -27.78% -26.58% 1904 5.53% 47.75% 40.01%1896 12.77% 71.43% 52.03% 1996 4.74% 35.72% 29.59%1897 -6.97% 10.11% 18.37% 1958 4.61% 30.63% 24.87%1898 -11.45% 25.38% 41.58% 1893 4.53% 12.46% 7.59%1899 -3.70% -23.60% -20.66% 1968 4.44% -6.62% -10.59%1900 -6.12% 27.08% 35.36% 1964 4.40% 6.51% 2.03%1901 -9.27% -9.79% -0.57% 1950 4.38% 24.61% 19.39%1902 -0.19% -19.73% -19.58% 1945 4.26% 8.55% 4.12%1903 -13.91% 2.59% 19.17% 1997 4.24% -1.09% -5.11%1904 5.53% 47.75% 40.01% 1965 4.20% -11.72% -15.28%1905 1.57% 16.59% 14.78% 1927 4.11% 26.67% 21.67%1906 0.89% -23.12% -23.79% 1998 4.03% 43.64% 38.08%1907 -6.31% 17.13% 25.02% 1988 4.00% 34.73% 29.55%1908 -5.59% 15.64% 22.49% 1995 3.87% 21.81% 17.27%1909 1.69% -18.61% -19.96% 1935 3.15% 30.03% 26.05%1910 0.05% -0.53% -0.58% 1912 2.82% -10.66% -13.11%1911 -3.72% 15.54% 20.00% 1967 2.81% -0.59% -3.31%1912 2.82% -10.66% -13.11% 1942 2.61% 28.49% 25.21%1913 (1) (1) (1) 1943 2.56% 7.59% 4.90%1914 (1) (1) (1) 1940 2.49% -1.33% -3.72%1915 11.55% 13.61% 1.84% 1918 2.22% 26.45% 23.70%1916 11.54% -9.59% -18.95% 1949 2.15% 21.39% 18.83%1917 0.49% -0.67% -1.16% 1888 1.87% 6.25% 4.30%1918 2.22% 26.45% 23.70% 1976 1.69% -11.53% -13.00%1919 6.37% -17.75% -22.67% 1909 1.69% -18.61% -19.96%1920 -3.73% -22.11% -19.10% 1925 1.61% 15.11% 13.28%1921 5.92% 50.17% 41.78% 1905 1.57% 16.59% 14.78%1922 -4.45% -7.26% -2.95% 1938 1.57% -3.49% -4.98%1923 -5.96% 12.52% 19.65% 1889 1.51% 3.12% 1.59%1924 -1.90% 34.25% 36.86% 1983 1.40% 0.68% -0.71%1925 1.61% 15.11% 13.28% 1953 1.08% 28.55% 27.18%1926 -2.66% 16.79% 19.98% 1936 0.92% 6.69% 5.71%1927 4.11% 26.67% 21.67% 1906 0.89% -23.12% -23.79%1928 -0.41% 58.20% 58.85% 1917 0.49% -0.67% -1.16%1929 -9.70% -36.79% -30.00% 1963 0.48% 14.97% 14.42%1930 -14.77% -42.01% -31.96% 1891 0.46% 0.74% 0.28%

YearSeptember

Change from end of

September1931 -30.70% -47.52% -24.27% 1992 0.44% 12.09% 11.60%1932 -2.19% 39.98% 43.11% 1887 0.37% 3.88% 3.50%1933 -7.41% -9.33% -2.07% 1951 0.34% 1.77% 1.43%1934 -0.25% 37.72% 38.07% 1910 0.05% -0.53% -0.58%1935 3.15% 30.03% 26.05% 1980 -0.02% -5.48% -5.46%1936 0.92% 6.69% 5.71% 1944 -0.18% 18.57% 18.78%1937 -12.87% -21.50% -9.90% 1902 -0.19% -19.73% -19.58%1938 1.57% -3.49% -4.98% 1934 -0.25% 37.72% 38.07%1939 13.49% -3.71% -15.16% 1955 -0.33% 7.23% 7.59%1940 2.49% -1.33% -3.72% 1985 -0.40% 42.30% 42.88%1941 -0.69% -16.73% -16.16% 1928 -0.41% 58.20% 58.85%1942 2.61% 28.49% 25.21% 1970 -0.51% 17.46% 18.06%1943 2.56% 7.59% 4.90% 1982 -0.56% 34.93% 35.69%1944 -0.18% 18.57% 18.78% 1941 -0.69% -16.73% -16.16%1945 4.26% 8.55% 4.12% 1947 -0.76% 1.60% 2.38%1946 -8.86% -5.47% 3.73% 1991 -0.88% 7.02% 7.97%1947 -0.76% 1.60% 2.38% 1979 -1.02% 5.07% 6.15%1948 -1.88% -1.68% 0.20% 1972 -1.09% -7.90% -6.89%1949 2.15% 21.39% 18.83% 1971 -1.21% 7.31% 8.63%1950 4.38% 24.61% 19.39% 1978 -1.25% 1.23% 2.52%1951 0.34% 1.77% 1.43% 1984 -1.44% 8.95% 10.55%1952 -1.61% -5.02% -3.47% 2003 -1.49% 8.05% 9.69%1953 1.08% 28.55% 27.18% 1952 -1.61% -5.02% -3.47%1954 7.34% 39.42% 29.88% 1989 -1.62% -4.49% -2.91%1955 -0.33% 7.23% 7.59% 1895 -1.63% -27.78% -26.58%1956 -5.34% -3.52% 1.91% 1977 -1.67% 1.78% 3.51%1957 -5.79% 5.01% 11.47% 1994 -1.79% 17.81% 19.97%1958 4.61% 30.63% 24.87% 1966 -1.80% 14.32% 16.41%1959 -4.93% -5.78% -0.90% 1948 -1.88% -1.68% 0.20%1960 -7.32% 15.01% 24.10% 1924 -1.90% 34.25% 36.86%1961 -2.60% -15.38% -13.12% 1892 -1.96% -23.41% -21.88%1962 -4.96% 19.72% 25.97% 1932 -2.19% 39.98% 43.11%1963 0.48% 14.97% 14.42% 1987 -2.50% -23.71% -21.75%1964 4.40% 6.51% 2.03% 1961 -2.60% -15.38% -13.12%1965 4.20% -11.72% -15.28% 1993 -2.63% 7.18% 10.08%1966 -1.80% 14.32% 16.41% 1926 -2.66% 16.79% 19.98%1967 2.81% -0.59% -3.31% 1969 -2.82% -8.62% -5.97%1968 4.44% -6.62% -10.59% 1890 -2.95% -5.52% -2.65%1969 -2.82% -8.62% -5.97% 1981 -3.57% 2.25% 6.04%1970 -0.51% 17.46% 18.06% 1899 -3.70% -23.60% -20.66%1971 -1.21% 7.31% 8.63% 1911 -3.72% 15.54% 20.00%1972 -1.09% -7.90% -6.89% 1920 -3.73% -22.11% -19.10%1973 6.71% -23.55% -28.35% 1894 -3.86% 6.96% 11.25%1974 -10.42% 23.10% 37.42% 1922 -4.45% -7.26% -2.95%1975 -4.96% 16.57% 22.66% 1999 -4.55% 3.56% 8.50%1976 1.69% -11.53% -13.00% 1959 -4.93% -5.78% -0.90%

YearSeptember

Change from end of

September1977 -1.67% 1.78% 3.51% 1962 -4.96% 19.72% 25.97%1978 -1.25% 1.23% 2.52% 1975 -4.96% 16.57% 22.66%1979 -1.02% 5.07% 6.15% 2000 -5.03% -11.28% -6.58%1980 -0.02% -5.48% -5.46% 1956 -5.34% -3.52% 1.91%1981 -3.57% 2.25% 6.04% 1908 -5.59% 15.64% 22.49%1982 -0.56% 34.93% 35.69% 1957 -5.79% 5.01% 11.47%1983 1.40% 0.68% -0.71% 1923 -5.96% 12.52% 19.65%1984 -1.44% 8.95% 10.55% 1900 -6.12% 27.08% 35.36%1985 -0.40% 42.30% 42.88% 1990 -6.19% 16.42% 24.10%1986 -6.89% 40.28% 50.66% 1907 -6.31% 17.13% 25.02%1987 -2.50% -23.71% -21.75% 1986 -6.89% 40.28% 50.66%1988 4.00% 34.73% 29.55% 1897 -6.97% 10.11% 18.37%1989 -1.62% -4.49% -2.91% 1960 -7.32% 15.01% 24.10%1990 -6.19% 16.42% 24.10% 1933 -7.41% -9.33% -2.07%1991 -0.88% 7.02% 7.97% 1946 -8.86% -5.47% 3.73%1992 0.44% 12.09% 11.60% 1901 -9.27% -9.79% -0.57%1993 -2.63% 7.18% 10.08% 1929 -9.70% -36.79% -30.00%1994 -1.79% 17.81% 19.97% 1974 -10.42% 23.10% 37.42%1995 3.87% 21.81% 17.27% 2001 -11.08% -12.93% -2.08%1996 4.74% 35.72% 29.59% 1898 -11.45% 25.38% 41.58%1997 4.24% -1.09% -5.11% 2002 -12.37% 8.68% 24.02%1998 4.03% 43.64% 38.08% 1937 -12.87% -21.50% -9.90%1999 -4.55% 3.56% 8.50% 1903 -13.91% 2.59% 19.17%2000 -5.03% -11.28% -6.58% 1930 -14.77% -42.01% -31.96%2001 -11.08% -12.93% -2.08% 1931 -30.70% -47.52% -24.27%2002 -12.37% 8.68% 24.02% 1913 (1) (1) (1)2003 -1.49% 8.05% 9.69% 1914 (1) (1) (1)

The Monthly Effect for OctoberDow Jones Industrial Average 1886-2004

YearOctober Change

Change for Year

Change from end of

October YearOctober Change

Change for Year

Change from end of

October1886 2.30% -7.25% -9.34% 1982 10.65% 37.59% 24.34%1887 -5.40% 5.43% 11.44% 2002 10.60% 22.17% 10.46%1888 -2.27% 5.88% 8.33% 1896 9.66% 41.42% 28.97%1889 -2.06% -1.40% 0.67% 1998 9.56% 31.80% 20.31%1890 -5.18% -2.20% 3.14% 1974 9.48% 30.60% 19.29%1891 -0.51% -1.68% -1.17% 1904 9.43% 42.21% 29.95%1892 2.35% -18.34% -20.22% 1931 9.13% -25.93% -32.13%1893 6.53% 3.44% -2.90% 1925 9.10% 10.27% 1.07%1894 -4.70% 9.43% 14.83% 1900 8.78% 22.81% 12.90%1895 -3.54% -17.21% -14.17% 1938 7.27% 7.84% 0.53%1896 9.66% 41.42% 28.97% 1919 6.73% -25.55% -30.25%1897 -3.83% 4.82% 8.99% 1893 6.53% 3.44% -2.90%1898 3.73% 36.35% 31.45% 1910 6.34% -4.28% -9.98%1899 2.88% -25.52% -27.60% 1986 6.24% 46.88% 38.26%1900 8.78% 22.81% 12.90% 1915 6.01% 13.60% 7.17%1901 -3.32% -0.76% 2.65% 1935 5.93% 27.21% 20.09%1902 -0.14% -30.77% -30.67% 1948 5.79% 2.36% -3.24%1903 -1.46% 25.75% 27.62% 2003 5.67% 8.68% 2.85%1904 9.43% 42.21% 29.95% 1936 5.58% -7.90% -12.77%1905 2.28% 15.80% 13.21% 1928 5.32% 43.44% 36.20%1906 -2.04% -28.60% -27.11% 1975 5.31% 24.73% 18.44%1907 -14.80% 18.02% 38.51% 1969 5.28% -6.45% -11.13%1908 3.26% 24.56% 20.63% 1942 4.55% 28.42% 22.84%1909 -0.48% -19.92% -19.54% 1953 4.46% 36.52% 30.69%1910 6.34% -4.28% -9.98% 1966 4.24% 19.69% 14.82%1911 -0.68% 23.38% 24.23% 1949 3.85% 24.03% 19.43%1912 -3.65% -14.63% -11.39% 1999 3.80% 3.04% -0.74%1913 (1) (1) (1) 1898 3.73% 36.35% 31.45%1914 (1) (1) (1) 1993 3.53% 8.10% 4.42%1915 6.01% 13.60% 7.17% 1985 3.44% 33.04% 28.62%1916 1.66% -18.55% -19.88% 1908 3.26% 24.56% 20.63%1917 -11.11% 1.04% 13.66% 1965 3.25% -16.80% -19.42%1918 0.98% 31.58% 30.30% 1963 3.06% 19.46% 15.91%1919 6.73% -25.55% -30.25% 2000 3.01% -16.93% -19.36%1920 2.41% -14.31% -16.33% 1921 3.00% 35.48% 31.54%1921 3.00% 35.48% 31.54% 1899 2.88% -25.52% -27.60%1922 -0.20% -8.73% -8.55% 1945 2.69% -5.11% -7.60%1923 0.73% 17.37% 16.53% 2001 2.57% -14.19% -16.34%1924 0.87% 39.07% 37.86% 1996 2.50% 35.07% 31.78%1925 9.10% 10.27% 1.07% 1947 2.43% 0.46% -1.93%1926 -4.94% 24.91% 31.39% 1920 2.41% -14.31% -16.33%1927 -8.03% 21.18% 31.75% 1959 2.36% -8.16% -10.28%1928 5.32% 43.44% 36.20% 1892 2.35% -18.34% -20.22%1929 -20.36% -40.34% -25.09% 1886 2.30% -7.25% -9.34%1930 -10.52% -52.85% -47.31% 1905 2.28% 15.80% 13.21%

YearOctober Change

Change for Year

Change from end of

Change for Year

Change from end of

October1931 9.13% -25.93% -32.13% 1958 2.09% 18.72% 16.28%1932 -13.50% 32.50% 53.18% 1962 1.86% 26.57% 24.25%1933 -7.02% -2.31% 5.07% 1968 1.77% -13.11% -14.63%1934 0.79% 42.42% 41.30% 1991 1.73% 8.45% 6.60%1935 5.93% 27.21% 20.09% 1988 1.69% 27.45% 25.33%1936 5.58% -7.90% -12.77% 1994 1.69% 24.61% 22.54%1937 -10.61% -8.49% 2.37% 1916 1.66% -18.55% -19.88%1938 7.27% 7.84% 0.53% 1940 1.49% -4.39% -5.79%1939 -0.43% -13.05% -12.67% 1973 1.00% -35.82% -36.45%1940 1.49% -4.39% -5.79% 1918 0.98% 31.58% 30.30%1941 -7.10% -13.96% -7.39% 1956 0.97% -3.99% -4.91%1942 4.55% 28.42% 22.84% 1924 0.87% 39.07% 37.86%1943 -1.32% 4.72% 6.12% 1934 0.79% 42.42% 41.30%1944 -0.14% 23.84% 24.01% 1923 0.73% 17.37% 16.53%1945 2.69% -5.11% -7.60% 1961 0.39% -17.43% -17.75%1946 -1.90% 2.94% 4.93% 1981 0.30% 5.44% 5.13%1947 2.43% 0.46% -1.93% 1972 0.24% -0.65% -0.88%1948 5.79% 2.36% -3.24% 1984 0.06% 10.10% 10.04%1949 3.85% 24.03% 19.43% 1960 0.04% 20.87% 20.82%1950 -0.60% 19.79% 20.51% 1944 -0.14% 23.84% 24.01%1951 -3.25% -0.20% 3.15% 1902 -0.14% -30.77% -30.67%1952 -0.51% -2.43% -1.93% 1922 -0.20% -8.73% -8.55%1953 4.46% 36.52% 30.69% 1964 -0.26% 6.31% 6.59%1954 -2.31% 29.45% 32.51% 1990 -0.41% 23.01% 23.52%1955 -2.52% 1.85% 4.48% 1939 -0.43% -13.05% -12.67%1956 0.97% -3.99% -4.91% 1909 -0.48% -19.92% -19.54%1957 -3.34% 16.61% 20.64% 1952 -0.51% -2.43% -1.93%1958 2.09% 18.72% 16.28% 1891 -0.51% -1.68% -1.17%1959 2.36% -8.16% -10.28% 1950 -0.60% 19.79% 20.51%1960 0.04% 20.87% 20.82% 1983 -0.64% -2.14% -1.51%1961 0.39% -17.43% -17.75% 1970 -0.67% 16.63% 17.41%1962 1.86% 26.57% 24.25% 1911 -0.68% 23.38% 24.23%1963 3.06% 19.46% 15.91% 1995 -0.70% 22.82% 23.69%1964 -0.26% 6.31% 6.59% 1980 -0.85% -8.84% -8.06%1965 3.25% -16.80% -19.42% 1943 -1.32% 4.72% 6.12%1966 4.24% 19.69% 14.82% 1992 -1.39% 8.66% 10.19%1967 -5.06% 0.99% 6.37% 1903 -1.46% 25.75% 27.62%1968 1.77% -13.11% -14.63% 1989 -1.77% -8.93% -7.28%1969 5.28% -6.45% -11.13% 1946 -1.90% 2.94% 4.93%1970 -0.67% 16.63% 17.41% 1906 -2.04% -28.60% -27.11%1971 -5.43% 7.45% 13.62% 1889 -2.06% -1.40% 0.67%1972 0.24% -0.65% -0.88% 1888 -2.27% 5.88% 8.33%1973 1.00% -35.82% -36.45% 1954 -2.31% 29.45% 32.51%1974 9.48% 30.60% 19.29% 1955 -2.52% 1.85% 4.48%1975 5.31% 24.73% 18.44% 1976 -2.55% -14.45% -12.21%1976 -2.55% -14.45% -12.21% 1951 -3.25% -0.20% 3.15%

YearOctober Change

Change for Year

Change from end of

Change for Year

Change from end of

October1977 -3.40% 2.21% 5.80% 1901 -3.32% -0.76% 2.65%1978 -8.47% 1.47% 10.87% 1957 -3.34% 16.61% 20.64%1979 -7.16% 6.13% 14.31% 1977 -3.40% 2.21% 5.80%1980 -0.85% -8.84% -8.06% 1895 -3.54% -17.21% -14.17%1981 0.30% 5.44% 5.13% 1912 -3.65% -14.63% -11.39%1982 10.65% 37.59% 24.34% 1897 -3.83% 4.82% 8.99%1983 -0.64% -2.14% -1.51% 1894 -4.70% 9.43% 14.83%1984 0.06% 10.10% 10.04% 1926 -4.94% 24.91% 31.39%1985 3.44% 33.04% 28.62% 1967 -5.06% 0.99% 6.37%1986 6.24% 46.88% 38.26% 1890 -5.18% -2.20% 3.14%1987 -23.22% -18.62% 5.99% 1887 -5.40% 5.43% 11.44%1988 1.69% 27.45% 25.33% 1971 -5.43% 7.45% 13.62%1989 -1.77% -8.93% -7.28% 1997 -6.33% -1.29% 5.38%1990 -0.41% 23.01% 23.52% 1933 -7.02% -2.31% 5.07%1991 1.73% 8.45% 6.60% 1941 -7.10% -13.96% -7.39%1992 -1.39% 8.66% 10.19% 1979 -7.16% 6.13% 14.31%1993 3.53% 8.10% 4.42% 1927 -8.03% 21.18% 31.75%1994 1.69% 24.61% 22.54% 1978 -8.47% 1.47% 10.87%1995 -0.70% 22.82% 23.69% 1930 -10.52% -52.85% -47.31%1996 2.50% 35.07% 31.78% 1937 -10.61% -8.49% 2.37%1997 -6.33% -1.29% 5.38% 1917 -11.11% 1.04% 13.66%1998 9.56% 31.80% 20.31% 1932 -13.50% 32.50% 53.18%1999 3.80% 3.04% -0.74% 1907 -14.80% 18.02% 38.51%2000 3.01% -16.93% -19.36% 1929 -20.36% -40.34% -25.09%2001 2.57% -14.19% -16.34% 1987 -23.22% -18.62% 5.99%2002 10.60% 22.17% 10.46% 1913 (1) (1) (1)2003 5.67% 8.68% 2.85% 1914 (1) (1) (1)

The Monthly Effect for NovemberDow Jones Industrial Average 1886-2004

YearNovember

Change from end of

November YearNovember

Change from end of

November1886 0.70% -14.23% -14.83% 1928 16.35% 8.47% -6.77%1887 4.73% 8.91% 3.99% 1904 14.27% 32.92% 16.32%1888 -1.67% 6.10% 7.90% 1900 12.79% 9.16% -3.22%1889 -0.81% -4.54% -3.76% 1933 11.32% 5.90% -4.87%1890 -4.17% 2.62% 7.08% 1934 10.26% 49.68% 35.75%1891 -0.26% 1.15% 1.41% 1962 10.09% 28.06% 16.31%1892 -4.59% -15.01% -10.92% 1954 9.83% 29.17% 17.61%1893 1.90% -7.46% -9.19% 1927 9.07% 38.76% 27.22%1894 -0.40% 10.76% 11.20% 2001 8.56% -7.47% -14.76%1895 -1.30% -5.88% -4.64% 1996 8.17% 23.43% 14.11%1896 3.73% 24.03% 19.57% 1980 7.45% -7.78% -14.17%1897 -3.20% 13.06% 16.80% 1905 7.30% 10.90% 3.36%1898 3.18% 35.24% 31.07% 1985 7.12% 36.64% 27.56%1899 0.78% -21.25% -21.86% 1924 7.03% 50.41% 40.53%1900 12.79% 9.16% -3.22% 1911 6.84% 19.69% 12.02%1901 0.87% 2.50% 1.62% 1995 6.71% 26.79% 18.82%1902 -6.05% -31.68% -27.28% 1972 6.56% 0.11% -6.05%1903 -1.78% 39.66% 42.19% 1955 6.24% 5.49% -0.71%1904 14.27% 32.92% 16.32% 1998 6.10% 24.88% 17.70%1905 7.30% 10.90% 3.36% 2002 5.94% 16.72% 10.17%1906 2.38% -37.89% -39.34% 1908 5.77% 20.05% 13.49%1907 1.23% 43.03% 41.29% 1921 5.59% 31.28% 24.33%1908 5.77% 20.05% 13.49% 1952 5.36% 2.44% -2.77%1909 -3.09% -14.44% -11.71% 1997 5.12% 15.45% 9.83%1910 -2.66% -10.60% -8.16% 1970 5.09% 11.04% 5.66%1911 6.84% 19.69% 12.02% 1990 4.80% 25.66% 19.90%1912 0.77% -13.68% -14.34% 1982 4.80% 23.54% 17.89%1913 (1) (1) (1) 1887 4.73% 8.91% 3.99%1914 (1) (1) (1) 1923 4.30% 17.54% 12.69%1915 0.72% 8.95% 8.17% 1981 4.27% 16.32% 11.56%1916 1.30% -28.78% -29.70% 1983 4.15% -1.45% -5.38%1917 -2.48% 14.78% 17.70% 1926 4.10% 20.85% 16.08%1918 -5.12% 39.07% 46.58% 1896 3.73% 24.03% 19.57%1919 -12.88% -28.57% -18.00% 1968 3.43% -10.12% -13.10%1920 -10.49% -13.82% -3.72% 1936 3.40% -22.02% -24.59%1921 5.59% 31.28% 24.33% 1898 3.18% 35.24% 31.07%1922 -1.52% -7.89% -6.47% 1975 2.95% 15.42% 12.11%1923 4.30% 17.54% 12.69% 1960 2.91% 21.29% 17.87%1924 7.03% 50.41% 40.53% 1958 2.62% 19.03% 15.99%1925 -3.48% -3.92% -0.46% 1945 2.60% -9.35% -11.65%1926 4.10% 20.85% 16.08% 1961 2.51% -16.22% -18.27%1927 9.07% 38.76% 27.22% 1992 2.44% 14.08% 11.36%1928 16.35% 8.47% -6.77% 1906 2.38% -37.89% -39.34%1929 -12.64% -32.96% -23.27% 1989 2.31% -7.67% -9.75%1930 0.02% -42.50% -42.51% 1953 2.02% 27.67% 25.15%

YearNovember

Change from end of

November1931 -10.96% -41.29% -34.06% 1957 2.00% 23.17% 20.75%1932 -8.97% 42.42% 56.45% 1959 1.95% -10.24% -11.96%1933 11.32% 5.90% -4.87% 1986 1.94% 6.16% 4.14%1934 10.26% 49.68% 35.75% 1893 1.90% -7.46% -9.19%1935 1.87% 26.80% 24.47% 1935 1.87% 26.80% 24.47%1936 3.40% -22.02% -24.59% 1977 1.39% -3.16% -4.49%1937 -10.63% 9.81% 22.88% 1999 1.38% 2.25% 0.86%1938 -1.26% 0.10% 1.37% 1916 1.30% -28.78% -29.70%1939 -4.08% -11.37% -7.61% 1907 1.23% 43.03% 41.29%1940 -2.68% -12.47% -10.06% 1950 1.15% 16.59% 15.27%1941 -3.05% -3.18% -0.14% 1949 1.06% 18.71% 17.47%1942 0.38% 21.22% 20.76% 1901 0.87% 2.50% 1.62%1943 -6.29% 5.97% 13.09% 1978 0.83% 2.93% 2.09%1944 0.55% 27.35% 26.65% 1979 0.82% 13.34% 12.42%1945 2.60% -9.35% -11.65% 1899 0.78% -21.25% -21.86%1946 0.38% 7.48% 7.07% 1912 0.77% -13.68% -14.34%1947 -1.33% 3.75% 5.14% 1915 0.72% 8.95% 8.17%1948 -9.24% 0.49% 10.71% 1886 0.70% -14.23% -14.83%1949 1.06% 18.71% 17.47% 1944 0.55% 27.35% 26.65%1950 1.15% 16.59% 15.27% 1946 0.38% 7.48% 7.07%1951 -0.41% 2.62% 3.05% 1942 0.38% 21.22% 20.76%1952 5.36% 2.44% -2.77% 1964 0.27% 10.05% 9.75%1953 2.02% 27.67% 25.15% 1993 0.09% 6.18% 6.09%1954 9.83% 29.17% 17.61% 1930 0.02% -42.50% -42.51%1955 6.24% 5.49% -0.71% 2003 -0.19% 2.31% 2.50%1956 -1.47% -8.09% -6.71% 1891 -0.26% 1.15% 1.41%1957 2.00% 23.17% 20.75% 1894 -0.40% 10.76% 11.20%1958 2.62% 19.03% 15.99% 1951 -0.41% 2.62% 3.05%1959 1.95% -10.24% -11.96% 1967 -0.45% 8.26% 8.74%1960 2.91% 21.29% 17.87% 1963 -0.62% 15.60% 16.33%1961 2.51% -16.22% -18.27% 1889 -0.81% -4.54% -3.76%1962 10.09% 28.06% 16.31% 1971 -0.91% 13.89% 14.94%1963 -0.62% 15.60% 16.33% 1938 -1.26% 0.10% 1.37%1964 0.27% 10.05% 9.75% 1895 -1.30% -5.88% -4.64%1965 -1.47% -16.00% -14.75% 1947 -1.33% 3.75% 5.14%1966 -1.92% 9.00% 11.14% 1965 -1.47% -16.00% -14.75%1967 -0.45% 8.26% 8.74% 1956 -1.47% -8.09% -6.71%1968 3.43% -10.12% -13.10% 1922 -1.52% -7.89% -6.47%1969 -5.10% -11.73% -6.98% 1984 -1.53% 13.83% 15.59%1970 5.09% 11.04% 5.66% 1988 -1.59% 23.10% 25.09%1971 -0.91% 13.89% 14.94% 1888 -1.67% 6.10% 7.90%1972 6.56% 0.11% -6.05% 1903 -1.78% 39.66% 42.19%1973 -14.04% -30.43% -19.06% 1976 -1.84% -15.19% -13.61%1974 -7.04% 25.62% 35.14% 1966 -1.92% 9.00% 11.14%1975 2.95% 15.42% 12.11% 1917 -2.48% 14.78% 17.70%1976 -1.84% -15.19% -13.61% 1910 -2.66% -10.60% -8.16%

YearNovember

Change from end of

November1977 1.39% -3.16% -4.49% 1940 -2.68% -12.47% -10.06%1978 0.83% 2.93% 2.09% 1941 -3.05% -3.18% -0.14%1979 0.82% 13.34% 12.42% 1909 -3.09% -14.44% -11.71%1980 7.45% -7.78% -14.17% 1897 -3.20% 13.06% 16.80%1981 4.27% 16.32% 11.56% 1925 -3.48% -3.92% -0.46%1982 4.80% 23.54% 17.89% 1939 -4.08% -11.37% -7.61%1983 4.15% -1.45% -5.38% 1890 -4.17% 2.62% 7.08%1984 -1.53% 13.83% 15.59% 1994 -4.32% 21.68% 27.18%1985 7.12% 36.64% 27.56% 1892 -4.59% -15.01% -10.92%1986 1.94% 6.16% 4.14% 2000 -5.07% -17.28% -12.86%1987 -8.02% 7.78% 17.19% 1969 -5.10% -11.73% -6.98%1988 -1.59% 23.10% 25.09% 1918 -5.12% 39.07% 46.58%1989 2.31% -7.67% -9.75% 1991 -5.68% 5.12% 11.46%1990 4.80% 25.66% 19.90% 1902 -6.05% -31.68% -27.28%1991 -5.68% 5.12% 11.46% 1943 -6.29% 5.97% 13.09%1992 2.44% 14.08% 11.36% 1974 -7.04% 25.62% 35.14%1993 0.09% 6.18% 6.09% 1987 -8.02% 7.78% 17.19%1994 -4.32% 21.68% 27.18% 1932 -8.97% 42.42% 56.45%1995 6.71% 26.79% 18.82% 1948 -9.24% 0.49% 10.71%1996 8.17% 23.43% 14.11% 1920 -10.49% -13.82% -3.72%1997 5.12% 15.45% 9.83% 1937 -10.63% 9.81% 22.88%1998 6.10% 24.88% 17.70% 1931 -10.96% -41.29% -34.06%1999 1.38% 2.25% 0.86% 1929 -12.64% -32.96% -23.27%2000 -5.07% -17.28% -12.86% 1919 -12.88% -28.57% -18.00%2001 8.56% -7.47% -14.76% 1973 -14.04% -30.43% -19.06%2002 5.94% 16.72% 10.17% 1913 (1) (1) (1)2003 -0.19% 2.31% 2.50% 1914 (1) (1) (1)

The Monthly Effect for DecemberDow Jones Industrial Average 1886-2004

YearDecember

Change from end of

December YearDecember

Change from end of

December1886 -2.60% -10.80% -8.42% 1903 10.81% 62.49% 46.64%1887 0.00% 2.26% 2.26% 1991 9.47% 14.18% 4.30%1888 2.48% 7.02% 4.43% 1924 8.20% 35.64% 25.37%1889 1.05% -7.78% -8.73% 1971 7.08% 22.48% 14.38%1890 -2.02% 6.81% 9.01% 1905 7.02% 5.82% -1.12%1891 1.92% -3.24% -5.07% 2003 6.86% 6.60% -0.25%1892 1.81% -9.23% -10.84% 1932 6.35% 74.16% 63.76%1893 -8.01% -9.55% -1.67% 1900 6.19% -2.38% -8.07%1894 1.19% 9.76% 8.46% 1976 6.06% -12.41% -17.41%1895 -6.26% -1.09% 5.51% 1898 5.80% 32.10% 24.86%1896 -1.36% 15.75% 17.35% 1987 5.74% 15.32% 9.06%1897 4.11% 20.51% 15.75% 1999 5.69% -4.26% -9.42%1898 5.80% 32.10% 24.86% 1970 5.65% 4.69% -0.90%1899 -12.54% -11.87% 0.76% 1956 5.65% -4.85% -9.93%1900 6.19% -2.38% -8.07% 1985 5.06% 30.03% 23.76%1901 -0.69% -4.54% -3.87% 1921 4.92% 22.45% 16.71%1902 3.61% -28.57% -31.06% 1943 4.88% 13.71% 8.42%1903 10.81% 62.49% 46.64% 1958 4.70% 18.25% 12.94%1904 -3.35% 24.81% 29.14% 1954 4.56% 24.95% 19.50%1905 7.02% 5.82% -1.12% 1949 4.48% 18.82% 13.73%1906 -0.80% -38.59% -38.09% 1946 4.36% 5.65% 1.24%1907 0.58% 49.45% 48.58% 1922 4.31% -2.44% -6.47%1908 -1.31% 9.99% 11.46% 1942 4.28% 13.16% 8.52%1909 3.16% -14.06% -16.69% 1897 4.11% 20.51% 15.75%1910 -1.41% -1.87% -0.47% 1929 3.99% -23.25% -26.20%1911 0.88% 12.88% 11.90% 1925 3.69% 3.62% -0.07%1912 -3.87% -16.92% -13.58% 1902 3.61% -28.57% -31.06%1913 (1) (1) (1) 2000 3.58% -5.41% -8.67%1914 (1) (1) (1) 1948 3.56% 11.89% 8.04%1915 2.52% 9.58% 6.88% 1919 3.50% -26.60% -29.09%1916 -10.35% -31.44% -23.53% 1973 3.48% -24.76% -27.29%1917 2.38% 11.67% 9.08% 1923 3.44% 20.62% 16.60%1918 1.32% 27.70% 26.03% 1950 3.43% 14.79% 10.99%1919 3.50% -26.60% -29.09% 1944 3.39% 29.95% 25.70%1920 -5.38% 1.66% 7.44% 1967 3.35% 12.48% 8.84%1921 4.92% 22.45% 16.71% 1938 3.30% -2.76% -5.86%1922 4.31% -2.44% -6.47% 1909 3.16% -14.06% -16.69%1923 3.44% 20.62% 16.60% 1960 3.13% 20.83% 17.16%1924 8.20% 35.64% 25.37% 1939 3.12% -10.08% -12.81%1925 3.69% 3.62% -0.07% 1959 3.06% -9.40% -12.09%1926 0.42% 26.61% 26.09% 1951 3.05% 8.57% 5.36%1927 2.11% 48.01% 44.95% 1952 2.90% -0.81% -3.61%1928 2.26% -18.55% -20.35% 1990 2.89% 13.09% 9.91%1929 3.99% -23.25% -26.20% 1988 2.56% 27.99% 24.80%1930 -10.26% -48.81% -42.96% 1994 2.55% 35.71% 32.34%

YearDecember

Change from end of

December1931 -17.01% -39.97% -27.66% 1915 2.52% 9.58% 6.88%1932 6.35% 74.16% 63.76% 1888 2.48% 7.02% 4.43%1933 1.79% 4.89% 3.04% 1965 2.38% -16.39% -18.33%1934 1.07% 38.28% 36.82% 1917 2.38% 11.67% 9.08%1935 1.25% 28.71% 27.12% 1928 2.26% -18.55% -20.35%1936 -1.81% -32.61% -31.36% 1927 2.11% 48.01% 44.95%1937 -2.13% 21.33% 23.97% 1979 1.99% 20.79% 18.43%1938 3.30% -2.76% -5.86% 1891 1.92% -3.24% -5.07%1939 3.12% -10.08% -12.81% 1993 1.90% 1.50% -0.40%1940 0.10% -12.80% -12.89% 1984 1.90% 23.82% 21.51%1941 -2.86% 0.24% 3.19% 1892 1.81% -9.23% -10.84%1942 4.28% 13.16% 8.52% 1933 1.79% 4.89% 3.04%1943 4.88% 13.71% 8.42% 1989 1.73% -5.42% -7.03%1944 3.39% 29.95% 25.70% 2001 1.73% -9.70% -11.23%1945 0.76% -11.31% -11.98% 1963 1.66% 16.64% 14.74%1946 4.36% 5.65% 1.24% 1961 1.32% -10.02% -11.19%1947 0.98% -4.57% -5.50% 1918 1.32% 27.70% 26.03%1948 3.56% 11.89% 8.04% 1935 1.25% 28.71% 27.12%1949 4.48% 18.82% 13.73% 1894 1.19% 9.76% 8.46%1950 3.43% 14.79% 10.99% 1997 1.09% 16.53% 15.28%1951 3.05% 8.57% 5.36% 1934 1.07% 38.28% 36.82%1952 2.90% -0.81% -3.61% 1955 1.06% -2.17% -3.20%1953 -0.17% 37.46% 37.69% 1889 1.05% -7.78% -8.73%1954 4.56% 24.95% 19.50% 1947 0.98% -4.57% -5.50%1955 1.06% -2.17% -3.20% 1911 0.88% 12.88% 11.90%1956 5.65% -4.85% -9.93% 1995 0.84% 28.52% 27.45%1957 -3.15% 23.92% 27.95% 1945 0.76% -11.31% -11.98%1958 4.70% 18.25% 12.94% 1978 0.75% 2.92% 2.15%1959 3.06% -9.40% -12.09% 1998 0.71% 19.32% 18.48%1960 3.13% 20.83% 17.16% 1982 0.70% 22.78% 21.93%1961 1.32% -10.02% -11.19% 1907 0.58% 49.45% 48.58%1962 0.43% 15.59% 15.09% 1962 0.43% 15.59% 15.09%1963 1.66% 16.64% 14.74% 1926 0.42% 26.61% 26.09%1964 -0.15% 8.14% 8.30% 1972 0.18% -19.25% -19.39%1965 2.38% -16.39% -18.33% 1977 0.18% -3.70% -3.87%1966 -0.75% 10.64% 11.47% 1940 0.10% -12.80% -12.89%1967 3.35% 12.48% 8.84% 1887 0.00% 2.26% 2.26%1968 -4.20% -17.54% -13.93% 1992 -0.12% 11.46% 11.60%1969 -1.47% -2.24% -0.78% 1964 -0.15% 8.14% 8.30%1970 5.65% 4.69% -0.90% 1953 -0.17% 37.46% 37.69%1971 7.08% 22.48% 14.38% 1974 -0.39% 39.12% 39.66%1972 0.18% -19.25% -19.39% 1901 -0.69% -4.54% -3.87%1973 3.48% -24.76% -27.29% 1966 -0.75% 10.64% 11.47%1974 -0.39% 39.12% 39.66% 1906 -0.80% -38.59% -38.09%1975 -0.96% 10.06% 11.12% 1986 -0.95% -4.21% -3.29%1976 6.06% -12.41% -17.41% 1975 -0.96% 10.06% 11.12%

YearDecember

Change from end of

December1977 0.18% -3.70% -3.87% 1996 -1.13% 19.96% 21.32%1978 0.75% 2.92% 2.15% 1908 -1.31% 9.99% 11.46%1979 1.99% 20.79% 18.43% 1983 -1.36% -6.82% -5.54%1980 -2.95% -10.51% -7.78% 1896 -1.36% 15.75% 17.35%1981 -1.57% 16.91% 18.77% 1910 -1.41% -1.87% -0.47%1982 0.70% 22.78% 21.93% 1969 -1.47% -2.24% -0.78%1983 -1.36% -6.82% -5.54% 1981 -1.57% 16.91% 18.77%1984 1.90% 23.82% 21.51% 1936 -1.81% -32.61% -31.36%1985 5.06% 30.03% 23.76% 1890 -2.02% 6.81% 9.01%1986 -0.95% -4.21% -3.29% 1937 -2.13% 21.33% 23.97%1987 5.74% 15.32% 9.06% 1886 -2.60% -10.80% -8.42%1988 2.56% 27.99% 24.80% 1941 -2.86% 0.24% 3.19%1989 1.73% -5.42% -7.03% 1980 -2.95% -10.51% -7.78%1990 2.89% 13.09% 9.91% 1957 -3.15% 23.92% 27.95%1991 9.47% 14.18% 4.30% 1904 -3.35% 24.81% 29.14%1992 -0.12% 11.46% 11.60% 1912 -3.87% -16.92% -13.58%1993 1.90% 1.50% -0.40% 1968 -4.20% -17.54% -13.93%1994 2.55% 35.71% 32.34% 1920 -5.38% 1.66% 7.44%1995 0.84% 28.52% 27.45% 2002 -6.23% 9.96% 17.27%1996 -1.13% 19.96% 21.32% 1895 -6.26% -1.09% 5.51%1997 1.09% 16.53% 15.28% 1893 -8.01% -9.55% -1.67%1998 0.71% 19.32% 18.48% 1930 -10.26% -48.81% -42.96%1999 5.69% -4.26% -9.42% 1916 -10.35% -31.44% -23.53%2000 3.58% -5.41% -8.67% 1899 -12.54% -11.87% 0.76%2001 1.73% -9.70% -11.23% 1931 -17.01% -39.97% -27.66%2002 -6.23% 9.96% 17.27% 1913 (1) (1) (1)2003 6.86% 6.60% -0.25% 1914 (1) (1) (1)

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Dow Jones Industrial Average 1886-2004 · Dow Jones Industrial Average 1886-2004 Month Jan Febr Mar Apr May June July Aug Sep Oct Nov Dec Total Observations 119 118 118 118 118 118

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