FRB: December 2005 Statistical Supplement--Stock Market, Selected Statistics

Statistical Supplement | December 2005

Statistical Supplement to the Federal Reserve Bulletin, December 2005

1.36 Stock Market, Selected Statistics
Indicator		2002	2003	2004	2005
Indicator		2002	2003	2004	Feb	Mar	Apr	May	June	July	Aug	Sept	Oct
		Prices and trading volume (averages of daily figures)
	Common stock prices (indexes)
1	New York Stock Exchange (Dec. 31, 1965 = 50)	5,571.46	5,456.48	6,614.10	7,241.89	7,275.51	7,077.97	7,094.02	7,238.96	7,389.23	7,482.93	7,584.49	7,373.23
2	Industrial	656.44	634.11	741.19	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
3	Transportation	430.63	437.37	521.11	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
4	Utility	260.50	238.05	271.45	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
5	Finance	554.88	566.74	657.07	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

6	Standard & Poor's Corporation (1941-43 = 10)¹	993.94	965.23	1,130.65	1,199.63	1,194.90	1,164.42	1,178.28	1,202.25	1,222.24	1,224.27	1,225.91	1,191.96

7	American Stock Exchange (Aug. 31, 1973 = 50)²	860.11	943.44	1,260.02	1,483.76	1,483.97	1,453.79	1,455.72	1,519.42	1,556.30	1,625.17	1,711.66	1,640.08

	Volume of trading (thousands of shares)
8	New York Stock Exchange	1,411,689	1,361,043	1,403,376	1,549,991	1,600,618	1,643,376	1,452,615	1,405,330	1,430,294	1,387,088	1,626,430	1,779,200
9	American Stock Exchange	n.a.	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	134,380	173,220	203,790	199,480	201,690	194,160	196,270	200,500	210,940	208,660	217,760	212,540

	Free credit balances at brokers⁴
11	Margin accounts⁵	95,690	92,560	117,850	94,330	100,200	97,450	99,480	105,550	99,000	99,050	106,730	113,110
12	Cash accounts	73,340	84,920	93,580	77,960	80,200	74,720	72,690	76,380	74,130	75,910	79,310	77,550
		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 made up 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

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