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system
what's the justification for the djia being share-price weighted?
user
the share-price weighting of the djia is a historical artifact.  the djia remains share-price weighted today because that's the way it has always been done, and we're talking about an index with more than a hundred years' history.  the djia was first calculated on may 26, 1896. perhaps, back then, price-weighting was the most straight-forward & feasible way to calculate it each day.  you're right that it doesn't make a lot of sense, and that's why the s&p500 and other indexes are better barometers.
assistant