The Dow Jones industrial average first crossed 23,000 intraday on Oct. 17. Because the Dow is a price-weighted index, the higher-priced stocks typically have a bigger influence on the Dow's movements. This again was the case with the move from 23,000 to 24,000, with higher-priced stocks such as UnitedHealth, Boeing, 3M and Apple all contributing the bulk of the gains.
The one exception is Goldman Sachs, which despite being the second-highest-priced stock in the Dow (after Boeing), contributed only 23 points to the Dow's gain.
Here's a breakdown of the stocks that contributed the most to the Dow's 1,000-point run from 23,000 to 24,000, based on the closing prices on Oct. 17 to the opening prices today.
Dow from 23,000 to 24,000
Biggest point contributors
- UnitedHealth Group: 148
- 3M: 140
- Home Depot: 103
- Wal-Mart: 84
- Boeing: 79
- Apple: 74
These six (representing 20 percent of the Dow) accounted for more than 600 points of the Dow's 1,000-point gain.
The good news is that this is a well-diversified group, with health care, industrials, retail and technology industries all represented.
Several companies saw price declines in this period, but because most of them were lower-priced stocks, their influence on the Dow was more modest.
Biggest point detractors
- Merck: 55
- General Electric: 32
- Procter & Gamble: 24
- Chevron: 21
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