Skip to main content

Market Overview

This Day In Market History: Walmart, Johnson & Johnson Join Dow Jones Industrial Average

Share:
This Day In Market History: Walmart, Johnson & Johnson Join Dow Jones Industrial Average

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened? On this day in 1997, Walmart Inc (NYSE: WMT), Johnson & Johnson (NYSE: JNJ), Travelers Companies Inc (NYSE: TRV) and Hewlett Packard Enterprise Co (NYSE: HPE) joined the Dow Jones Industrial Average.

Where The Market Was: The S&P 500 traded at 795.71 and the Dow traded at 6,955.48.

What Else Was Going On In The World? In 1997, Princess Diana was killed in a car crash in Paris, France. The average cost of a new house was $124,100.

Modernizing The Dow: The 1997 shuffle of the Dow Jones Industrial Average components represented an updating of the index from the old industrial U.S. economy to the modern tech and healthcare-driven economy.

The four new additions replaced Westinghouse Electric Corp., Texaco Inc., Bethlehem Steel Corp. and Woolworth Corp.

Westinghouse, Bethlehem and Woolworth were original Dow components.

At the time, Johnson & Johnson was the ninth-largest U.S. stock with around an $85 billion market cap. Walmart was the 11th largest with an $81 billion market cap.

By late 2008, Walmart had grown to a market cap of more than $200 billion and was the second most valuable stock in the market.

Today, Johnson & Johnson is the 13th most valuable public company with a $423 billion market cap and Walmart is the 15th most valuable with a $371 billion market cap.

Westinghouse changed its name to CBS Corporation (NASDAQ: CBS) later that year. Bethlehem Steel filed for bankruptcy in 2001 and was dissolved in 2003. Woolworth pivoted to athletic apparel and changed its name to Foot Locker, Inc. (NYSE: FL) in 2001. Texaco was acquired by Chevron Corporation (NYSE: CVX) in 2002.

 

Related Articles (DJIA)

View Comments and Join the Discussion!

Posted-In: this day in market historyEducation Markets General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com