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Also called "basis points," a point is 1/100th of a cent, or 1/100th of a percent.
- The bond market is measured in basis points, not the stock market.
Today, 10/19/2010, the Dow Jones Industrial average was down 165.07 points, or 1.48%.
To understand what a point is, you need to know that the index is a weighted average of the stock prices contained within it. Not all stocks are worth the same amount, so they are given a weight, otherwise know as a "divisor" (the divisor changes daily to account for stock splits, mergers, etc). If you multiply the average price of the stocks in the DJIA by the divisor, you will get the value of the index in points.
Now, the short version: 1 point is equal to $1. It would cost $165.07 less to buy one share of each stock in the DJIA at the close today than it cost yesterday for the same number of the same stocks.
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