Wall Street: The Big Board's Own Index

The New York Stock Exchange ticker rattled off a new quotation last week: "11 a.m. market down 1 cent, NYSE index 46.73 down 0.01." Thus, for the first time in its history and only after several years of on-and-off deliberation, the exchange issued its own index reflecting Big Board trends.

The exchange's action came as a be lated response to longtime criticism of established indexes, notably the famed Dow-Jones, produced by the publishers of the Wall Street Journal. Things got to the point where no less a tape watcher than Lyndon Johnson — disturbed because the Dow apparently made the market...

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