In terms of index construction, both The Dow and the S&P 500 track large-cap U.S. Over time, the number of securities grew and the frequency of calculation increased until, in March 1957, the S&P 500 debuted in the format that persists today. In 1926, it was reformulated as the Composite Stock Index, which tracked 90 stocks and was calculated daily. This precursor of the S&P 500 tracked 233 U.S. In 1923, in an effort to reflect market trends, the Standard Statistics Company developed its first stock index. But what has changed-along with the size and complexity of the market it tracks-is that The Dow is no longer limited to industrial stocks. In Dow’s view, the stock price average would serve as the market’s benchmark, a role it continues to play. Eight stocks were added in 1916, and 10 more in 1928, bringing the total to 30, where it remains today. He used the two together to monitor broad market trends. Charles Dow began calculating his daily average of 12 major industrial stocks in May 1896 as a companion to the Dow Jones Transportation Average™, which he introduced in 1884.
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