FRB: January 2007 Statistical Supplement--Stock Market, Selected Statistics

Statistical Supplement | January 2007

Statistical Supplement to the Federal Reserve Bulletin, January 2007

1.36 Stock Market, Selected Statistics
Indicator		2003	2004	2005	2006
Indicator		2003	2004	2005	Mar	Apr	May	June	July	Aug	Sept	Oct	Nov
		Prices and trading volume (averages of daily figures)
	Common stock prices (indexes)
1	New York Stock Exchange (Dec. 31, 1965 = 50)	5,456.00	6,614.10	7,351.19	8,174.34	8,351.28	8,353.45	7,985.59	8,103.97	8,294.89	8,383.29	8,651.02	8,856.30
2	Industrial	634.11	741.19	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
3	Transportation	437.37	521.11	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
4	Utility	238.05	271.45	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
5	Finance	566.74	657.07	n.a.	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	965.23	1,130.65	1,207.23	1,293.74	1,302.18	1,290.00	1,253.12	1,260.24	1,287.15	1,317.81	1,363.34	1,388.63

7	American Stock Exchange (Aug. 31, 1973 = 50)²	943.44	1,260.02	1,567.52	1,902.69	1,976.03	1,968.30	1,881.59	1,924.93	1,996.50	1,950.11	1,920.93	2,003.86

	Volume of trading (thousands of shares)
8	New York Stock Exchange	1,361,043	1,403,376	1,542,724	1,728,333	2,285,601	2,510,157	2,501,759	2,351,792	2,201,576	2,446,458	2,544,752	2,613,632
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	173,220	203,790	221,660	236,670	241,540	230,540	225,780	231,490	226,480	237,120	244,370	270,520

	Free credit balances at brokers⁴
11	Margin accounts⁵	92,560	117,850	119,710	119,360	119,020	126,210	137,550	141,000	139,290	142,580	143,400	155,200
12	Cash accounts	84,920	93,580	88,730	82,750	83,000	81,090	84,400	79,420	79,460	80,470	80,200	90,980
		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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Last update: January 26, 2007