NEW YORK, July 13, 2004 - Dow Jones Indexes announced that effective Wednesday, July 14, it is suspending its pilot program to use American Stock Exchange pricing for opening and closing values of Nasdaq stocks in the Dow Jones Averages, which began July 1.
"The trading activity simply isn't present on the Amex to support this pilot program," said Michael A. Petronella, president of Dow Jones Indexes. "We're disappointed, but we felt we should take action now so that our clients can be assured of the source of opening and closing prices for these stocks."
There were nine Nasdaq stocks in the pilot program, including Intel and Microsoft in the Dow Jones Industrial Average. During the seven days the pilot program was in operation, only three stocks posted closing prices on the Amex. In the absence of opening and closing prices, Nasdaq pricing was used to calculate the averages. Henceforth, only Nasdaq pricing will be used
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