Dow Jones in 1903

The Dow Jones Industrial Average fell 23.6% in 1903, from 64.29 at the end of 1902 to 49.11. Its highest close was 67.70 on Feb 16, and its lowest 42.15 on Nov 9. The biggest one-day fall was −4.2% on Oct 19 and the biggest rise +5.1% on Oct 16. Adjusted for inflation, it lost 19.2%.

Change in 1903

−23.6%

64.29 → 49.11

High

67.70

Feb 16

Low

42.15

Nov 9

After inflation

−19.2%

US CPI

Up days

137 of 298

longest run 7 up, 8 down

Below record

-37.2%

at the end of 1903

Dow Jones, daily closes 1903

Numbers mark the events below

Key Events in 1903

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

1
Thursday, February 19

The Elkins Act is signed, banning railroad rebates. Source

Dow Jones: −0.9% that day · −4.2% a month later
2
Tuesday, June 16

Ford Motor Company is incorporated. Source

Dow Jones: +0.2% that day · −2.0% a month later
3
Friday, October 16 From the data

Biggest one-day rise of the year: +5.1%.
4
Monday, October 19 From the data

Biggest one-day fall of the year: −4.2%.
5
Monday, November 9 From the data

Bear market low: 42.15, 46.1% below the peak.
6
Wednesday, November 18

The Hay-Bunau-Varilla Treaty gives the US rights over the Panama Canal Zone. Source

Dow Jones: +1.6% that day · +5.8% a month later

Biggest days of 1903

Best days		Worst days
Oct 16	+5.1%	Oct 19	−4.2%
Oct 20	+3.6%	Aug 19	−4.1%
Sep 29	+3.5%	Nov 9	−3.6%
Aug 12	+3.4%	Oct 8	−3.1%
Dec 7	+2.9%	Nov 5	−2.9%

Volatility: 19.7% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	65.18	+1.4%	66.33	64.19
Feb	66.19	+1.5%	67.70	65.53
Mar	63.64	−3.9%	66.01	62.86
Apr	63.78	+0.2%	64.56	60.79
May	60.27	−5.5%	64.06	60.27
Jun	59.08	−2.0%	59.90	56.65
Jul	50.76	−14.1%	58.81	49.08
Aug	53.19	+4.8%	53.88	47.38
Sep	45.80	−13.9%	52.75	45.09
Oct	45.13	−1.5%	47.62	42.25
Nov	44.33	−1.8%	45.46	42.15
Dec	49.11	+10.8%	49.35	44.35

1900 1901 1902 1903 1904 1905 1906 1907 1908 1909

Dow Jones in 1903: FAQ

How much did the Dow Jones Industrial Average fall in 1903?

What were the highest and lowest closes of the Dow Jones Industrial Average in 1903?

Highest: 67.70 on February 16, 1903. Lowest: 42.15 on November 9, 1903. It closed higher on 137 of 298 trading days.

What happened to the Dow Jones Industrial Average on November 18, 1903?

The Hay-Bunau-Varilla Treaty gives the US rights over the Panama Canal Zone. The Dow Jones Industrial Average rose 1.6% that day, and was +5.8% 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.

Cite this page

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APA 7

Corgano. (2026, October 31). Dow Jones in 1903. Corgano Gold Price. Retrieved October 31, 2026, from https://goldprice.corgano.com/market-history/dow-jones/1903

MLA 9

“Dow Jones in 1903.” Corgano Gold Price, goldprice.corgano.com/market-history/dow-jones/1903. Accessed 31 Oct. 2026.

Chicago

Corgano. “Dow Jones in 1903.” Corgano Gold Price. Accessed October 31, 2026. https://goldprice.corgano.com/market-history/dow-jones/1903.

BibTeX

@misc{corgano2026dowjonesin1903, author = {{Corgano}}, title = {Dow Jones in 1903}, howpublished = {\url{https://goldprice.corgano.com/market-history/dow-jones/1903}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}

Link

Dow Jones in 1903 — Corgano Gold Price: https://goldprice.corgano.com/market-history/dow-jones/1903