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

Statistical Supplement | November 2007

Statistical Supplement to the Federal Reserve Bulletin, November 2007

1.36 Stock Market, Selected Statistics
Indicator		2004	2005	2006	2007
Indicator		2004	2005	2006	Jan	Feb	Mar	Apr	May	June	July	Aug	Sept
		Prices and trading volume (averages of daily figures)
	Common stock prices (indexes)
1	New York Stock Exchange (Dec. 31, 1965 = 50)	6,614.10	7,351.19	8,357.63	9,132.04	9,345.98	9,120.57	9,555.98	9,822.99	9,896.98	9,985.42	9,440.44	9,777.58
2	Industrial	741.19	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
3	Transportation	521.11	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
4	Utility	271.45	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
5	Finance	657.07	n.a.	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	1,130.65	1,207.23	1,310.46	1,424.16	1,444.79	1,406.95	1,463.65	1,511.14	1,514.49	1,520.70	1,454.62	1,497.12

7	American Stock Exchange (Aug. 31, 1973 = 50)²	1,260.02	1,567.52	1,936.79	2,060.93	2,150.89	2,115.40	2,207.54^r	2,204.69	2,336.84	2,354.93	2,217.16	2,320.48

	Volume of trading (thousands of shares)
8	New York Stock Exchange	1,403,376	1,542,724	2,254,869	2,851,992	2,701,807	3,067,918	2,867,225	2,972,410	3,103,633	3,433,561	4,086,048	3,071,737
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	203,790	221,660	275,380	285,610	295,870	293,160	317,990	353,030	378,240	381,370	331,370	329,510

	Free credit balances at brokers⁴
11	Margin accounts⁵	117,850	119,710	159,040	156,190	155,140	161,890	162,570	176,200	179,920	205,830	214,890	208,540
12	Cash accounts	93,580	88,730	94,450	90,340	96,550	99,690	104,360	109,030	119,300	122,740	118,250	118,910
		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: December 27, 2007