RT Journal Article SR Electronic T1 The DJIA Crossed 652,230 JF The Journal of Portfolio Management FD Institutional Investor Journals SP 89 OP 92 DO 10.3905/jpm.2000.319741 VO 26 IS 2 A1 Roger G. Clarke A1 Meir Statman YR 2000 UL https://pm-research.com/content/26/2/89.abstract AB The DJIA, like most indexes, is a capital index. It excludes dividends. The DJIA was initiated in 1896 at 40.94 and reached 9,181.43 by the end of 1998. The authors show that a wealth DJIA, an index that accounts for reinvestment of dividends, would have reached 652,230.87 by the end of 1998. Adjusted for inflation, the wealth DJIA would have reached 31,469.30.