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Dow Jones in 1938

The Dow Jones Industrial Average rose 28.1% in 1938, from 120.85 at the end of 1937 to 154.76. Its highest close was 158.41 on Nov 12, and its lowest 98.95 on Mar 31. The biggest one-day fall was −5.3% on Mar 25 and the biggest rise +5.2% on Apr 9. Adjusted for inflation, it gained 31.7%.

Change in 1938
+28.1%
120.85 → 154.76
High
158.41
Nov 12
Low
98.95
Mar 31
After inflation
+31.7%
US CPI
Up days
152 of 301
longest run 7 up, 8 down
Below record
-59.4%
at the end of 1938

Dow Jones, daily closes 1938

Numbers mark the events below
105129153JanFebMarAprMayJunJulAugSepOctNovDec1Mar 10: Former NYSE president Richard Whitney is charged with embezzlement.2Mar 12: German troops enter Austria (Anschluss).3Mar 25: Biggest one-day fall of the year: −5.3%.4Mar 31: Bear market low: 98.95, 49.1% below the peak.5Apr 9: Biggest one-day rise of the year: +5.2%.6Sep 30: Munich Agreement is signed.7Oct 31: New York Stock Exchange unveils a 15-point program to restore investor confidence.

Key Events in 1938

What happened, and how the Dow Jones moved — on the day (or the next trading day) and about a month later.

  1. 1
    Thursday, March 10
    Former NYSE president Richard Whitney is charged with embezzlement. Source
    Dow Jones: −0.8% that day · −15.6% a month later
  2. 2
    Saturday, March 12
    German troops enter Austria (Anschluss). Source
    Dow Jones: +0.1% that day · −11.5% a month later
  3. 3
    Friday, March 25 From the data
    Biggest one-day fall of the year: −5.3%.
  4. 4
    Thursday, March 31 From the data
    Bear market low: 98.95, 49.1% below the peak.
  5. 5
    Saturday, April 9 From the data
    Biggest one-day rise of the year: +5.2%.
  6. 6
    Friday, September 30
    Munich Agreement is signed. Source
    Dow Jones: +3.1% that day · +12.4% a month later
  7. 7
    Monday, October 31
    New York Stock Exchange unveils a 15-point program to restore investor confidence. Source
    Dow Jones: +0.4% that day · −1.7% a month later

Biggest days of 1938

Best daysWorst days
Apr 9+5.2%Mar 25−5.3%
Jun 20+4.8%Mar 29−5.0%
Jun 29+4.2%Sep 13−4.3%
Apr 1+4.1%Jan 26−4.0%
Apr 8+3.9%Feb 3−3.7%

Volatility: 25.0% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan121.87+0.8%134.35120.14
Feb129.64+6.4%132.41118.49
Mar98.95−23.7%130.4798.95
Apr111.28+12.5%121.00103.02
May107.74−3.2%119.43107.74
Jun133.88+24.3%135.87109.71
Jul141.25+5.5%144.91134.56
Aug139.27−1.4%145.67136.21
Sep141.45+1.6%143.08129.91
Oct151.73+7.3%154.17143.13
Nov149.82−1.3%158.41146.14
Dec154.76+3.3%154.76147.39
1930193119321933193419351936193719381939

Dow Jones in 1938: FAQ

How much did the Dow Jones Industrial Average rise in 1938?

The Dow Jones Industrial Average rose 28.1% in 1938, from 120.85 at the end of 1937 to 154.76. Its highest close was 158.41 on Nov 12, and its lowest 98.95 on Mar 31. The biggest one-day fall was −5.3% on Mar 25 and the biggest rise +5.2% on Apr 9. Adjusted for inflation, it gained 31.7%.

What were the highest and lowest closes of the Dow Jones Industrial Average in 1938?

Highest: 158.41 on November 12, 1938. Lowest: 98.95 on March 31, 1938. It closed higher on 152 of 301 trading days.

What happened to the Dow Jones Industrial Average on September 30, 1938?

Munich Agreement is signed. The Dow Jones Industrial Average rose 3.1% that day, and was +12.4% a month later.

Data: Daily closes since 26 May 1896. Saturday sessions were held until 1952. The NYSE was closed from 31 Jul to 11 Dec 1914. Price index: dividends are not included. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.