Other major changes to the DJIA came:

In 1997, when Westinghouse Electric, Bethlehem Steel, Texaco, and Woolworths were replaced by Travelers' Group, Johnson & Johnson, Hewlett-Packard, and Walmart.
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In 1999, when Chevron, Sears Roebuck, Union Carbide, and Goodyear Tire were dropped while Home Depot, Intel, Microsoft, and SBC Communications were added in their place.
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Walgreens Boots Alliance replaced General Electric in June 2018. In August 2020, Salesforce, Amgen, and Honeywell were added to the Dow, replacing ExxonMobil, Pfizer, and Raytheon Technologies. Raytheon joined the DJIA earlier that year after United Technologies merged with Raytheon Company.

Amazon replaced Walgreens in February 2024 after Walmart's stock split, which reduced its weight on the index.

DowDuPont spun off DuPont and was replaced by Dow Chemical Company in 2019.

Dow. "Dow Completes Separation From DowDuPont."

The table below lists the companies included in the DJIA alphabetically as of September 2023:
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State Street Global Advisors SPDR. "SPDR Dow Jones Industrial Average ETF Trust." (Click on Download All Holdings: Daily)


Dow Jones Industrial Average Components
Company        Symbol        Year Added
3M        MMM        1976
Amazon        AMZN        2024
American Express        AXP        1982
Amgen        AMGN        2020
Apple        AAPL        2015
Boeing        BA        1987
Caterpillar        CAT        1991
Chevron        CVX        2008
Cisco Systems        CSCO        2009
The Coca-Cola Company        KO        1987
Dow        DOW        2019
Goldman Sachs        GS        2013
The Home Depot        HD        1999
Honeywell        HON        2020
IBM        IBM        1979
Intel        INTC        1999
Johnson & Johnson        JNJ        1997
JPMorgan Chase        JPM        1991
McDonald's        MCD        1985
Merck & Co.        MRK        1979
Microsoft        MSFT        1999
NIKE        NKE        2013
Procter & Gamble        PG        1932
Salesforce        CRM        2020
The Travelers Companies        TRV        2009
UnitedHealth Group        UNH        2012
Verizon        VZ        2004
Visa        V        2013
Walmart        WMT        1997
The Walt Disney Company        DIS        1991

Historical Milestones
The following are some important historical milestones achieved by the Dow:

March 15, 1933: The largest one-day percentage gain in the index happened during the 1930s bear market, totaling 15.34%. The Dow gained 8.26 points and closed at 62.10.
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Oct. 19, 1987: The largest one-day percentage drop took place on Black Monday. The index fell 22.61%. There was no evident explanation for the crash, although program trading may have been a contributing factor.
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Sept. 17, 2001: The fourth-largest one-day point drop—and the largest at the time—took place on the first day of trading following the 9/11 attacks in New York City. The Dow dropped 684.81 points or about 7.1%; however, it is important to note that the index had been dropping before Sept. 11, losing more than 1,000 points between Jan. 2 and Sept. 10. The DJIA started to make traction after the attacks and regained all of what it lost, closing above 10,000 for the year.
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May 3, 2013: The Dow surpasses the 15,000 mark for the first time in history.
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Jan. 25, 2017: The Dow closes above 20,000 points for the first time.
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Jan. 4, 2018: The index closes at 25,075.13, the first close above 25,000 points.
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Jan. 17, 2018: The Dow closes at 26,115.65, the first close above 26,000 points.
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Feb. 5, 2018: The Dow falls a record 1,175.21 points.
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Dec. 26, 2018: The Dow records its largest one-day point gain of 1,086.25.
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July 11, 2019: The Dow breaks 27,000 for the first time in its history.
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Feb. 12, 2020: The Dow hits its pre-pandemic high of 29,551.
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March 2020: The Dow Jones crashes with back-to-back record down days amid the global coronavirus pandemic, breaking below 20,000 and falling 3,000 points in a single day amid several 2,000 and 1,500 up and down moves. It officially entered bear market territory on March 11, 2020, ending the longest bull market in history that began in March 2009.
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Nov. 16, 2020: The Dow finally breaks its pre-COVID-19 high, reaching 29,950.44 points.
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Nov. 24, 2020: The Dow breaks the 30,000 level for the first time, closing at 30,045.84.
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July 2021: On July 12, 2021, the Dow trades above 35,000 for the first time. On July 23, 2021, it closes above 35,000 for the first time.
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Nov. 2021: The Dow trades above 36,000 for the first time.
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Jan. 4, 2022: The Dow hits 36,799.65, an all-time high at the time.
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May 16, 2024: The Dow surpasses 40,000 for the first time, reaching an all-time high of 40,051.05 during intraday trading.
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Tip: Individuals can invest in the Dow, which would mean gaining exposure to all of the companies listed in it, through exchange-traded funds (ETFs), such as the SPDR Dow Jones Industrial Average ETF (DIA).

Limitations of the DJIA
Many critics argue that the Dow does not significantly represent the state of the U.S. economy as it consists of only 30 large-cap U.S. companies. They believe the number of companies is too small and it neglects companies of different sizes. Many critics believe the S&P 500 is a better representation of the economy as it includes significantly more companies, 500 versus 30.

Critics also believe that factoring only the price of a stock in the calculation does not accurately reflect a company, as much as considering a company's market cap would. In this manner, a company with a higher stock price but a smaller market cap would have more weight than a company with a smaller stock price but a larger market cap, which would poorly reflect the true size of a company.
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The Dow is also a price-weighted index as opposed to being weighted by market capitalization. This means that stocks in the index with higher share prices have greater influence, regardless if they are smaller companies overall in terms of market value. In a price-weighted index, a stock that increases from $110 to $120 will have the same net effect on the index as a stock that increases from $10 to $20, even though the percentage move for the latter is far greater than that of the higher-priced stock. This also means that stock splits can have an impact on the index, whereas they would not for a market cap-weighted index.
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What Does the Dow Jones Industrial Average Measure?
The DJIA tracks the price movements of 30 large companies in the United States. Such companies include Microsoft and Home Depot. The selected companies are from all major U.S. sectors, except utilities and transportation.
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When Did the DJIA Top 10,000 for the First Time?
The Dow Jones Industrial Average hit 10,000 for the first time in March 1999. The DJIA then hit 11,750 in January 2000, before falling to below 7,200 in October 2002 after the dot-com crash.
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The DJIA Is Based on the Prices of How Many Stocks?
The Dow Jones Industrial Average is made up of 30 large stocks. All the stocks are based in the United States. The DJIA is also known as the Dow 30.
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How Does the Dow Differ from the S&P 500?
The S&P 500 and DJIA are the two most-watched stock indexes in the U.S.. However, these two benchmarks are very different:

The Dow Jones Industrial Index tracks 30 large-cap stocks while the S&P 500 tracks the largest 500 stocks in the U.S. market.
The Dow Jones index is price-weighted while the S&P 500 is market-cap weighted.
The stocks in the Dow are chosen by a committee. The stocks in the S&P 500 are added according to a formula.
The Dow Jones uses a divisor; the S&P 500 is expressed versus a base year.
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The Bottom Line
The Dow Jones Industrial Average is a stock index of 30 U.S. blue-chip large-cap companies, which has become synonymous with the American stock market as a whole. The index, however, only has 30 companies, and the index itself is price-weighted, meaning that it does not always present an accurate reflection of the broader stock market.

Companies in the DJIA are also chosen by a committee and are balanced to try to represent the state of the overall economy. This means that certain companies may be added to or deleted from the index periodically without much in the way of being able to predict when or which stock will be changed. Despite its limitations, however, the Dow still holds a special place in American finance.

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