Do not forget to add to this that the factor changes as well. 50 years ago a $1 move in any DOW stock equated to a $1 move in the Dow. Over time that factor has changed so that a .25 move in any Dow stock produces a $1 move in the Dow. If the factor never changed the Dow would be between 1,100 and 1,300
You don't understand the DJIA. Why am I not surprised? They need to change the divisor every time a stock split otherwise the index would drop just because there are twice as many shares at half the price.
The Dow Jones averages are computed by summing the prices of the stocks in the average and then dividing by a constant called the "divisor". The divisor for the Dow Jones Industrial Average (DJIA) is adjusted periodically to reflect splits in the stocks making up the average. The divisor was originally 30 but has been reduced over the years to a value far less than one. The current value of the divisor is about 0.135; the precise value is published in the Wall Street Journal and Barron's (also see the links at the bottom of this article).