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Statistical Supplement | December 2008

Statistical Supplement to the Federal Reserve Bulletin, December 2008
1.36  Stock Market, Selected Statistics
Indicator 2005 2006 2007 2008
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) 7,351.19 8,357.63 9,653.00 9,041.52 8,776.21 9,174.10 9,429.04 8,996.98 8,427.37 8,362.20 7,886.29 6,130.39
2 Industrial n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
3 Transportation n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
4 Utility n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
5 Finance n.a. 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 1,207.23 1,310.46 1,477.19 1,354.87 1,316.94 1,370.47 1,403.22 1,341.25 1,257.33 1,281.47 1,216.93 968.80
 
7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,567.52 1,936.79 2,267.99 2,269.79 2,262.29 2,297.06 2,351.25 2,293.07 2,153.19 2,078.76 1,889.93 1,468.58
 
  Volume of trading (thousands of shares)  
8 New York Stock Exchange 1,542,724 2,254,869 3,232,195 3,832,107 4,601,666 3,829,875 3,774,019 4,482,650 5,589,370 4,226,522 6,602,084 6,880,451
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 221,660 275,380 285,610 334,900 311,660 295,550 310,310 314,360 313,290 292,110 299,960 233,350
 
  Free credit balances at brokers4  
11 Margin accounts5 119,710 159,040 156,190 266,050 305,600 313,740 325,040 351,340 370,200 385,850 193,350 186,870
12 Cash accounts 88,730 94,450 90,340 133,670 122,140 100,600 95,930 96,090 98,890 90,860 106,370 100,330
  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 9, 2009