This Day in Market History: Microsoft, Intel Become First Nasdaq Stocks to Join the Dow

By Benzinga
Benzinga
Benzinga
November 1, 2021 Updated: November 3, 2021

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened

On Nov. 1, 1999, Microsoft Corporation and Intel Corporation were added to the Dow Jones Industrial Average.

Where the Market Was

The Dow Jones Industrial Average traded at 10,648.51, and the S&P 500 finished the day at 1,354.12.

What Else Was Going On In the World?

In 1999, Jack Kervorkian was convicted of second-degree murder for the assisted suicide of patient Thomas Youk. A shooting spree at Columbine High School resulted in the death of 13 students. The average price of a new house was $131,750.

Nasdaq Invades the Dow

As part of a major shake-up of the Dow Jones during the tech boom of the late 1990s, the index added Microsoft and Intel. At the time, the two stocks made history as the first-ever Nasdaq-listed stocks included in the century-old index.

To make room for the tech invasion, the Dow booted Goodyear Tire & Rubber Co, Sears Holdings Corp., Chevron Corporation, and Union Carbide from the index. In addition to Microsoft and Intel, new members Home Depot Inc. and SBC Communications, now AT&T Inc., were added to the index.

Microsoft and Intel remain Dow components to this day, and both companies are among the largest U.S. tech stocks by market cap.

By Wayne Duggan

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

Benzinga