In 1792, a small group of stockbrokers signed the Buttonwood Agreement, the founding document of what would eventually become the New York Stock Exchange.
The earliest stock issuers were banks, insurers, and railroads that farmed investment capital by issuing stock. States and municipalities also joined in, selling bonds to fund the construction of canals, bridges, and roads in a rapidly expanding America.
By the end of the Civil War, the exchange had moved to its permanent home across Wall Street from Federal Hall, the birthplace of the U.S. government, where a statue of George Washington seems to gesture over the cobblestones toward the historical neo-classical buildings of the New York Stock Exchange and J.P. Morgan & Co.
Today, the New York Stock Exchange, the world’s largest by market capitalization, trades about $26 trillion worth of company stock, or more than half of the $40 trillion worth of securities issued by listed U.S. companies as of 2020. (These are the largest companies that didn’t exist a decade ago.)
Since 1929, the NYSE has weathered the Great Depression – in which more than half of the market evaporated in 1931 – and 14 other recessionary periods, including the two-month pandemic contraction of 2020.
The largest annualized gain of the NYSE took place in 1933, when the market rebounded by 69% in the wake of four catastrophic years. Last year, the Exchange gained 20.2% after advancing more than 22% in 2019 and 6% in 2020.
Click here to see what the stock market was worth the year you were born
Critics of America’s asset-based economy cite the fact that the top 10% of households own 89% of all U.S. stock as evidence of growing income inequality.” Defenders of financialization argue that even if most Americans don’t benefit directly from stock-based capital gains, they benefit from the jobs and economic growth facilitated by the investment capital raised by the markets. (These are the states where income inequality has gotten worse since 2010.)
To determine the value of the Dow Jones Industrial Average the year you were born, 24/7 Wall St. reviewed daily Dow figures aggregated by the economic research website Macrotrends. Historical Dow data are inflation-adjusted using annual headline CPI in chained 2021 dollars.
Source: FPG / Getty Images
1929
> Year open: 4,864.9
> Year close: 3,937.5
> Change: -19.1%
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Source: Hal Morey / Getty Images
1930
> Year open: 3,962.3
> Year close: 2,670.4
> Change: -32.6%
Source: Archive Photos / Getty Images
1931
> Year open: 3,027.7
> Year close: 1,388.7
> Change: -54.1%
Source: Michael Ochs Archives / Getty Images
1932
> Year open: 1,475.9
> Year close: 1,185.3
> Change: -19.7%
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Source: FPG / Getty Images
1933
> Year open: 1,235.8
> Year close: 2,082.3
> Change: +68.5%
Source: FPG / Getty Images
1934
> Year open: 2,029.4
> Year close: 2,103.9
> Change: +3.7%
Source: FPG / Getty Images
1935
> Year open: 2,067.1
> Year close: 2,850.7
> Change: +37.9%
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Source: MPI / Getty Images
1936
> Year open: 2,809.7
> Year close: 3,507.0
> Change: +24.8%
Source: FPG / Getty Images
1937
> Year open: 3,359.3
> Year close: 2,274.1
> Change: -32.3%
Source: Ben Shahn / Getty Images
1938
> Year open: 2,317.1
> Year close: 2,974.1
> Change: +28.4%
Source: Kurt Hutton / Getty Images
1939
> Year open: 2,995.1
> Year close: 2,928.8
> Change: -2.2%
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Source: Archive Photos / Getty Images
1940
> Year open: 2,930.9
> Year close: 2,538.0
> Change: -13.4%
Source: Archive Photos / Getty Images
1941
> Year open: 2,406.8
> Year close: 2,045.4
> Change: -15.0%
Source: Michael Ochs Archives / Getty Images
1942
> Year open: 1,874.7
> Year close: 1,984.9
> Change: +5.9%
24/7 Wall St.
Source: Archive Photos / Getty Images
1943
> Year open: 1,878.5
> Year close: 2,128.4
> Change: +13.3%
Source: FPG / Getty Images
1944
> Year open: 2,092.6
> Year close: 2,345.1
> Change: +12.1%
Source: Frederic Lewis / Getty Images
1945
> Year open: 2,296.9
> Year close: 2,904.0
> Change: +26.4%
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Source: Archive Photos / Getty Images
1946
> Year open: 2,663.3
> Year close: 2,462.4
> Change: -7.5%
Source: Michael Ochs Archives / Getty Images
1947
> Year open: 2,143.3
> Year close: 2,201.3
> Change: +2.7%
Source: Archive Photos / Getty Images
1948
> Year open: 2,035.5
> Year close: 1,993.5
> Change: -2.1%
Source: Archive Photos / Getty Images
1949
> Year open: 1,992.8
> Year close: 2,278.5
> Change: +14.3%
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Source: James W. Welgos / Getty Images
1950
> Year open: 2,236.2
> Year close: 2,646.8
> Change: +18.4%
Source: Archive Photos / Getty Images
1951
> Year open: 2,500.4
> Year close: 2,805.9
> Change: +12.2%
Source: Graphic House / Getty Images
1952
> Year open: 2,759.4
> Year close: 2,984.8
> Change: +8.2%
Source: Michael Ochs Archives / Getty Images
1953
> Year open: 2,964.8
> Year close: 2,850.8
> Change: -3.8%
Source: Archive Photos / Getty Images
1954
> Year open: 2,849.6
> Year close: 4,073.5
> Change: +42.9%
Source: Michael Ochs Archives / Getty Images
1955
> Year open: 4,134.2
> Year close: 4,938.1
> Change: +19.4%
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Source: Phil Burchman / Getty Images
1956
> Year open: 4,839.4
> Year close: 4,975.8
> Change: +2.8%
Source: Michael Ochs Archives / Getty Images
1957
> Year open: 4,783.2
> Year close: 4,201.4
> Change: -12.2%
Source: Michael Ochs Archives / Getty Images
1958
> Year open: 4,118.7
> Year close: 5,472.4
> Change: +32.9%
Source: Archive Photos / Getty Images
1959
> Year open: 5,471.5
> Year close: 6,326.0
> Change: +15.6%
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Source: Harvey Meston / Getty Images
1960
> Year open: 6,216.4
> Year close: 5,638.1
> Change: -9.3%
Source: Express / Getty Images
1961
> Year open: 5,530.4
> Year close: 6,626.0
> Change: +19.8%
Source: Michael Ochs Archives / Getty Images
1962
> Year open: 6,502.5
> Year close: 5,851.0
> Change: -10.0%
Source: Michael Ochs Archives / Getty Images
1963
> Year open: 5,727.5
> Year close: 6,756.1
> Change: +18.0%
Source: Archive Photos / Getty Images
1964
> Year open: 6,696.3
> Year close: 7,640.7
> Change: +14.1%
Source: Harvey Meston / Getty Images
1965
> Year open: 7,482.0
> Year close: 8,337.8
> Change: +11.4%
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Source: Archive Photos / Getty Images
1966
> Year open: 8,100.2
> Year close: 6,570.9
> Change: -18.9%
Source: Michael Ochs Archives / Getty Images
1967
> Year open: 6,380.0
> Year close: 7,343.0
> Change: +15.1%
Source: Evening Standard / Getty Images
1968
> Year open: 7,061.1
> Year close: 7,348.5
> Change: +4.1%
Source: Michael Ochs Archives / Getty Images
1969
> Year open: 6,997.4
> Year close: 5,909.4
> Change: -15.5%
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Source: Harvey Meston / Getty Images
1970
> Year open: 5,651.3
> Year close: 5,858.8
> Change: +3.7%
Source: Space Frontiers / Getty Images
1971
> Year open: 5,557.0
> Year close: 5,956.0
> Change: +7.2%
Source: Archive Photos / Getty Images
1972
> Year open: 5,764.9
> Year close: 6,612.3
> Change: +14.7%
24/7 Wall St.
Source: Michael Ochs Archives / Getty Images
1973
> Year open: 6,296.3
> Year close: 5,192.7
> Change: -17.5%
Source: Pictorial Parade / Getty Images
1974
> Year open: 4,701.1
> Year close: 3,387.1
> Change: -28.0%
Source: Archive Photos / Getty Images
1975
> Year open: 3,183.3
> Year close: 4,293.3
> Change: +34.9%
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Source: Keystone / Getty Images
1976
> Year open: 4,089.4
> Year close: 4,784.4
> Change: +17.0%
Source: Michael Ochs Archives / Getty Images
1977
> Year open: 4,470.3
> Year close: 3,716.5
> Change: -16.9%
Source: Space Frontiers / Getty Images
1978
> Year open: 3,398.5
> Year close: 3,345.6
> Change: -1.6%
Source: Tony Duffy / Getty Images
1979
> Year open: 3,028.5
> Year close: 3,130.5
> Change: +3.4%
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Source: FPG / Getty Images
1980
> Year open: 2,711.6
> Year close: 3,170.1
> Change: +16.9%
Source: Gene Forte / Getty Images
1981
> Year open: 2,899.8
> Year close: 2,608.3
> Change: -10.1%
Source: Hulton Archive / Getty Images
1982
> Year open: 2,478.1
> Year close: 2,938.7
> Change: +18.6%
Source: Tony Duffy / Getty Images
1983
> Year open: 2,794.1
> Year close: 3,424.2
> Change: +22.6%
Source: Michael Ochs Archives / Getty Images
1984
> Year open: 3,267.1
> Year close: 3,159.8
> Change: -3.3%
Source: Space Frontiers / Getty Images
1985
> Year open: 3,019.1
> Year close: 3,895.0
> Change: +29.0%
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Source: Getty Images / Staff
1986
> Year open: 3,801.8
> Year close: 4,687.5
> Change: +23.3%
Source: Rick Stewart / Getty Images
1987
> Year open: 4,597.2
> Year close: 4,624.7
> Change: +0.6%
Source: Getty Images / Staff
1988
> Year open: 4,616.0
> Year close: 4,967.2
> Change: +7.6%
Source: Pascal Rondeau / Getty Images
1989
> Year open: 4,686.6
> Year close: 6,016.4
> Change: +28.4%
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Source: Space Frontiers / Getty Images
1990
> Year open: 5,826.1
> Year close: 5,460.2
> Change: -6.3%
Source: Public Domain / Wikimedia Commons
1991
> Year open: 5,193.9
> Year close: 6,304.4
> Change: +21.4%
Source: Public Domain / Wikimedia Commons
1992
> Year open: 6,127.1
> Year close: 6,375.6
> Change: +4.1%
Source: Public Domain / Wikimedia Commons
1993
> Year open: 6,205.5
> Year close: 7,039.8
> Change: +13.4%
Source: Phil Cole / Getty Images
1994
> Year open: 6,868.6
> Year close: 7,010.9
> Change: +2.1%
Source: Public Domain / Wikimedia Commons
1995
> Year open: 6,824.9
> Year close: 9,098.3
> Change: +33.3%
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Source: Jeff J Mitchell / Getty Images
1996
> Year open: 8,941.6
> Year close: 11,136.3
> Change: +24.5%
Source: Doug Pensinger / Getty Images
1997
> Year open: 10,876.8
> Year close: 13,351.5
> Change: +22.8%
Source: Space Frontiers / Getty Images
1998
> Year open: 13,241.0
> Year close: 15,263.1
> Change: +15.3%
Source: USAF / Getty Images
1999
> Year open: 14,937.9
> Year close: 18,699.7
> Change: +25.2%
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Source: NASA / Getty Images
2000
> Year open: 17,871.9
> Year close: 16,975.7
> Change: -5.0%
Source: Mark Wilson / Getty Images
2001
> Year open: 16,289.0
> Year close: 15,333.4
> Change: -5.9%
Source: Mark Wilson / Getty Images
2002
> Year open: 15,172.8
> Year close: 12,564.4
> Change: -17.2%
Source: Scott Barbour / Getty Images
2003
> Year open: 12,676.0
> Year close: 15,395.1
> Change: +21.5%
Source: Chris Jackson / Getty Images
2004
> Year open: 14,932.5
> Year close: 15,467.8
> Change: +3.6%
2005
> Year open: 14,886.6
> Year close: 14,870.1
> Change: -0.1%
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Source: Wathiq Khuzaie / Getty Images
2006
> Year open: 14,580.0
> Year close: 16,751.7
> Change: +14.9%
Source: David Paul Morris / Getty Images
2007
> Year open: 16,302.6
> Year close: 17,335.5
> Change: +6.3%
Source: Spencer Platt / Getty Images
2008
> Year open: 16,416.5
> Year close: 11,045.5
> Change: -32.7%
Source: Alex Wong / Getty Images
2009
> Year open: 11,411.2
> Year close: 13,171.1
> Change: +15.4%
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Source: Chris Graythen / Getty Images
2010
> Year open: 13,152.3
> Year close: 14,386.9
> Change: +9.4%
Source: Majid Saeedi / Getty Images
2011
> Year open: 14,059.0
> Year close: 14,717.7
> Change: +4.7%
Source: Peter Macdiarmid / Getty Images
2012
> Year open: 14,631.6
> Year close: 15,465.7
> Change: +5.7%
24/7 Wall St.
Source: Michael Buckner / Getty Images
2013
> Year open: 15,601.2
> Year close: 19,281.6
> Change: +23.6%
Source: Sean Gallup / Getty Images
2014
> Year open: 18,818.9
> Year close: 20,400.4
> Change: +8.4%
Source: NASA / Getty Images
2015
> Year open: 20,387.6
> Year close: 19,921.2
> Change: -2.3%
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Source: Scott Olson / Getty Images
2016
> Year open: 19,361.3
> Year close: 22,312.1
> Change: +15.2%
Source: NASA / Getty Images
2017
> Year open: 21,978.5
> Year close: 27,326.1
> Change: +24.3%
Source: Justin Sullivan / Getty Images
2018
> Year open: 26,787.6
> Year close: 25,172.7
> Change: -6.0%
Source: Anthony Kwan / Getty Images
2019
> Year open: 24,744.6
> Year close: 30,247.8
> Change: +22.2%
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Source: flyparade / Getty Images
2020
> Year open: 30,225.1
> Year close: 32,044.4
> Change: +6.0%
Source: Alex Wong / Getty Images
2021
> Year open: 30,223.9
> Year close: 36,338.3
> Change: +20.2%
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