DJIA · WMTMT

Oct 4, 2024Apr 8, 2025Oct 9, 2025Apr 10, 2026Oct 9, 2026

Breadth

25 / 33

stocks rose with the index

Concentration

63%

of the gain from CAT, GS, TRV

Biggest driver

CAT +2,528

Caterpillar, +101.58%

Biggest drag

UNH −1,286

UnitedHealth, −35.84%

What drove it

33 members · drivers first · 2Y · residual 0.293bp within 1bp gate

The DJIA rose 21.96% (+9,302 pts) over two years, and 63% of that gain came from just three stocks: CAT, GS, TRV.

Read the latest market-close note: Goldman and Microsoft Push the Dow to a Large Gain While Telecoms Sink Communication Services

+12,926.2 pts from 25 gainers−3,625.2 pts from 8 losers

net +9,302.3 pts · gainers outweigh losers 3.6 to 1

Stock

Points

Return

DJIAsum of all 33 stocks

+9,302.3

+21.96%

CATCaterpillar

+2,528.3

+101.58%

GSGoldman Sachs

+2,524.1

+80.81%

TRVTravelers

+813.7

+56.11%

JPMJPMorgan Chase

+758.6

+57.65%

MSFTMicrosoft

+700.9

+28.60%

AAPLApple

+664.9

+48.43%

VVisa

+662.6

+38.69%

JNJJohnson & Johnson

+619.5

+63.10%

AMGNAmgen

+575.4

+29.78%

NVDANvidia

+486.6

+54.00%

AMZNAmazon

+470.6

+40.71%

CSCOCisco

+405.2

+124.44%

CVXChevron

+370.8

+40.63%

BABoeing

+221.2

+22.82%

MRKMerck

+213.6

+32.64%

AXPAmerican Express

+208.9

+11.67%

WMTWalmart

+189.2

+37.57%

MMM3M

+151.7

+18.25%

KOCoca-Cola

+106.2

+25.48%

GOOGLAlphabet

+84.8

+4.23%

DISDisney

+78.9

+13.56%

HONHoneywell

+43.3

+3.13%

INTCIntel

+23.9

+16.11%

VZVerizon

+13.0

+5.34%

IBMIBM

+10.4

+0.50%

DOWDow Inc

−42.3

−11.64%

PGProcter & Gamble

−111.3

−10.45%

NKENike

−293.9

−57.80%

CRMSalesforce

−365.9

−20.37%

SHWSherwin-Williams

−392.3

−16.83%

MCDMcDonald's

−418.4

−22.56%

HDHome Depot

−715.2

−28.80%

UNHUnitedHealth

−1,285.9

−35.84%

Price weighting, illustrated

Microsoft and Coca-Cola moved almost identically (+28.60% vs +25.48%), yet MSFT moved the DJIA 6.6× as much. In a price-weighted index, a higher-priced share simply outvotes a cheaper one.

Attribution map

slicing the +9,302 pt move · cell size = points contributed · color = direction, intensity = return

CAT+2,528.3 pts(+101.6%)

GS+2,524.1 pts(+80.8%)

UNH−1,285.9 pts(−35.8%)

TRV+813.7 pts(+56.1%)

JPM+758.6 pts(+57.7%)

HD−715.2 pts(−28.8%)

MSFT+700.9 pts(+28.6%)

AAPL+664.9 pts(+48.4%)

V+662.6 pts

JNJ+619.5 pts(+63.1%)

AMGN+575.4 pts(+29.8%)

NVDA+486.6 pts(+54.0%)

AMZN+470.6 pts(+40.7%)

MCD−418.4 pts(−22.6%)

CSCO+405.2 pts

SHW−392.3 pts

CVX+370.8 pts(+40.6%)

CRM−365.9 pts(−20.4%)

NKE−293.9 pts

MRK

AXP+208.9 pts

WMT+189.2 pts

MMM

Concentration curve

cumulative share of the +9,302 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−75%−25%+25%+75%

From −57.80% (NKE) to +124.44% (CSCO). Equal-weight, the DJIA would be +26.68% vs the actual +21.96%; the gap is what price weighting did.

By sector

point contribution · sums to +9,302 pts

Financials5

+4,967.9

Industrials4

+2,944.5

Information Technology7

+1,926.0

Energy1

+370.8

Consumer Staples3

+184.1

Communication Services3

+176.8

Health Care4

+122.6

Materials2

−434.6

Consumer Discretionary4

−956.9

The year, session by session

every trading day of 2026 · hover for the move

JANFEBMARAPRMAYJUNJULAUGSEPOCT

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Dow Jones Industrial Average

What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

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