Benzinga | Nov 1, 2021 09:25AM EDT

This Day In Market History: Microsoft, Intel Become First Nasdaq Stocks To Join The Dow

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened On Nov. 1, 1999, Microsoft Corporation (NASDAQ:MSFT) and Intel Corporation (NASDAQ:INTC) were added to the Dow Jones Industrial Average.

Where The Market Was: The Dow Jones Industrial Average traded at 10,648.51, and the S&P 500 finished the day at 1,354.12.

What Else Was Going On In The World? In 1999, Jack Kervorkian was convicted of second-degree murder for the assisted suicide of patient Thomas Youk. A shooting spree at Columbine High School resulted in the death of 13 students. The average price of a new house was $131,750.

Nasdaq Invades The Dow As part of a major shake-up of the Dow Jones during the tech boom of the late 1990s, the index added Microsoft and Intel. At the time, the two stocks made history as the first-ever Nasdaq-listed stocks included in the century-old index.

To make room for the tech invasion, the Dow booted Goodyear Tire & Rubber Co (NASDAQ:GT), Sears Holdings Corp (OTC:SHLDQ), Chevron Corporation (NYSE:CVX) and Union Carbide from the index. In addition to Microsoft and Intel, new members Home Depot Inc (NYSE:HD) and SBC Communications, now AT&T Inc. (NYSE:T), were added to the index.

Microsoft and Intel remain Dow components to this day, and both companies are among the largest U.S. tech stocks by market cap.