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Statistical Supplement | April 2004

Statistical Supplement to the Federal Reserve Bulletin, April 2004
1.36  Stock Market, Selected Statistics
Indicator 2001 2002 2003 2003 2004
May June July Aug Sept Oct Nov Dec Jan
  Prices and trading volume (averages of daily figures)
  Common stock prices (indexes)  
1 New York Stock Exchange (Dec. 31, 1965 = 50) 6,407.95 5,571.46 5,456.48 5,269.96 5,583.60 5,567.94 5,580.87 5,748.80 5,894.38 5,989.42 6,244.68 6,569.76
2 Industrial 749.46 656.44 634.11 613.26 649.25 648.00 651.19 670.18 678.51 689.30 714.93 n.a.
3 Transportation 444.45 430.63 437.37 425.12 441.81 445.29 451.31 464.61 477.98 497.44 509.35 n.a.
4 Utility 377.72 260.50 238.05 238.33 254.16 244.67 238.06 243.37 245.96 248.01 257.12 n.a.
5 Finance 596.61 554.88 566.74 549.91 579.48 588.81 582.20 593.10 616.46 624.02 638.41 n.a.
 
6 Standard & Poor's Corporation (1941-43 = 10)1 1,194.18 993.94 965.23 935.96 988.00 992.54 989.53 1,019.44 1,038.73 1,049.90 1,080.64 1,132.52
 
7 American Stock Exchange (Aug. 31, 1973 = 50)2 879.08 860.11 943.44 894.74 962.46 959.26 960.50 990.40 1,024.69 1,071.66 1,136.44 1,201.35
 
  Volume of trading (thousands of shares)  
8 New York Stock Exchange 1,216,529 1,411,689 1,361,043 1,455,858 1,472,560 1,412,818 1,175,615 1,397,876 1,383,253 1,262,614 1,230,444 1,604,611
9 American Stock Exchange 68,074 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
  Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker-dealers3 150,450 134,380 173,220 146,380 148,550 148,450 149,660 155,870 162,720 172,140 173,220 178,820
 
  Free credit balances at brokers4  
11 Margin accounts5 101,640 95,690 92,560 88,540 87,920 91,210 88,040 88,620 89,360 87,440 92,560 92,570
12 Cash accounts 78,040 73,340 84,920 71,270 74,350 76,170 72,000 74,760 79,530 77,130 84,920 82,740
  Margin requirements (percent of market value and effective date)6
Mar 11, 1968 June 8, 1968 May 6, 1970 Dec 6, 1971 Nov 24, 1972 Jan 3, 1974
13 Margin stocks 70 80 65 55 65 50
14 Convertible bonds 50 60 50 50 50 50
15 Short sales 70 80 65 55 65 50

1. In July 1976 a financial group, composed of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial.   Return to table

2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half.   Return to table

3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984.   Return to table

4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand.   Return to table

5. Series initiated in June 1984.   Return to table

6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
   On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission.   Return to table

Statistical Supplement | April 2004 | Tips for printing wide tables | Symbols and Abbreviations

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Last update: May 17, 2005