Company Dow Jones April 1, 2004 has made three substitutions in the index of "blue chips" of the American stock market - Dow Jones Industrial Average, DJIA. The new components of the index will insurance group American International Group (AIG), the world's largest pharmaceutical company, Pfizer (PFE) and the largest operator of local telephone service in the U.S. Verizon Communications (VZ). They were replaced in the Dow telecommunications corporation AT & T (T), the photo industry giant Eastman Kodak (EK) and the largest company of World Pulp and Paper Industry International Paper (IP). Changes will take effect on April 8.

The announced replacement of the first rotation in the Dow index since 1999, when it introduced technology giants Intel (INTC) and Microsoft (MSFT), as well as retailer Home Depot (HD) and a telecommunications operator SBC Communications.

Index Dow Jones Industrial Average is the oldest and most popular indicator of U.S. stock market. Turning to history, it is worth mentioning that in 1884, Charles Dow (Charles H. Dow), one of the founders of Dow Jones & Co., Offered the first stock index calculated as the average value of stock prices. The index was published in Customer's Afternoon Letter, a daily financial newsletter that preceded The Wall Street Journal. In the calculation base of the index were shares of 11 companies, 9 of whom were railway companies. While the index does not make much attention to the investors who preferred shares bonds.

Twelve years later, on May 26, 1896, made his debut Dow Jones Industrial Average, calculated on the basis of the value of shares 12 companies. Since 7 October the same year began regular publication of the index in The Wall Street Journal. In 1916, the number of companies in the DJIA has risen to 20. In 1928 the formula for calculating the index was introduced ratio (the divisor) is equal to 16.67 at the moment, to adjust the value based stock split, dividend payments in the form of shares, as well as merger, acquisition or replacement in the database. In the same year, the number of companies in the index was increased to 30.

Index value in the first day - May 26, 1896 - stood at 40.94. During June and July DJIA gradually lost positions, and 8 August 1896, there were minimal value in its history - 28.48. Index value in 1928 was taken as 100.

Companies in the estimated base of the index are the largest representatives of the leading sectors of the U.S. economy. Since 1928, as part of the index were replaced, related to changes in the company's position in the industry, as well as mergers and acquisitions, and designed to maintain the representativeness and credibility of the index as one of the key indicators of U.S. stock market. By the end of 2003, the capitalization of 30 "blue chips" in the DJIA was about a quarter of the total capitalization of U.S. stock market

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