The 30 Dow Jones Industrial Companies Total Pretax Earnings Were Very Weak in Each of the Four Quarters of 2019 ..... Up a Modest 1.8% in the 1Q 2019 and Then Declining in Each of the Following 3Qs of 2019 ..... Down By 7.7% in the 2Q 2019, Down By 2.1% in the 3Q 2019 and Down By 8.2% in the 4Q 2019. And This Was All Before the Disastrous Earnings Impact in 2020 From the Covid-19 Pandemic.

From a review of the 30 Dow Jones Industrial Companies' SEC filings, the table below shows the Gold-Standard US GAAP Pretax Earnings From Continuing Operations for each of the four quarters of both 2019 and 2018 for each of these 30 Dow Jones Industrial Companies.

		US	US		US	US		US	US		US	US
		GAAP	GAAP		GAAP	GAAP		GAAP	GAAP		GAAP	GAAP
		Pretax	Pretax		Pretax	Pretax		Pretax	Pretax		Pretax	Pretax
		Income	Income		Income	Income		Income	Income		Income	Income
	2019	(Loss)	(Loss)		(Loss)	(Loss)		(Loss)	(Loss)		(Loss)	(Loss)
	Fourth	Fourth	Fourth		Third	Third		Second	Second		First	First
	Quarter	Quarter	Quarter		Quarter	Quarter		Quarter	Quarter		Quarter	Quarter
Dow Jones Industrial Cos	End	2019	2018		2019	2018		2019	2018		2019	2018
		mils $	mils $		mils $	mils $		mils $	mils $		mils $	mils $
3M	Dec 19	1,212	1,720		1,966	1,965		1,446	2,350		1,088	965
American Express	Dec 19	1,986	1,831		2,266	2,118		2,219	2,091		1,958	2,082
Apple Inc	Dec 19	25,918	23,906		16,127	16,421		11,911	13,284		13,793	16,168
Boeing	Dec 19	(2,342)	4,046		1,177	2,133		(3,427)	2,586		2,333	2,839
Caterpillar	Dec 19	1,365	1,367		2,005	2,135		2,178	2,186		2,264	2,134
Chevron	Dec 19	(8,405)	4,898		4,049	5,699		5,935	4,905		3,957	5,073
Cisco Systems	Jan 20	3,534	3,343		3,686	3,909		3,704	3,592		3,615	3,253
Coca-Cola	Dec 19	2,420	965		3,092	2,373		3,049	2,942		2,197	3,049
Dow Inc	Dec 19	(2,196)	545		437	994		215	1,059		858	1,740
ExxonMobil	Dec 19	6,414	8,121		4,721	9,080		4,632	6,512		4,289	7,240
Goldman Sachs	Dec 19	2,321	2,708		2,416	3,078		3,127	3,276		2,719	3,419
Home Depot	Jan 20	3,111	3,113		3,667	3,646		4,613	4,655		3,324	3,142
IBM	Dec 19	3,993	4,434		1,522	2,996		2,768	2,776		1,883	1,136
Intel	Dec 19	8,068	5,635		6,719	7,142		4,724	5,529		4,547	5,011
Johnson & Johnson	Dec 19	4,218	3,122		1,647	4,423		7,041	4,973		4,422	5,481
JPMorgan Chase	Dec 19	10,565	8,841		11,405	10,689		11,342	10,572		11,233	10,662
McDonald's	Dec 19	2,027	1,751		2,152	2,159		2,008	2,018		1,831	1,888
Merck	Dec 19	2,792	2,604		2,347	2,665		3,259	2,086		3,067	1,345
Microsoft	Dec 19	14,085	10,385		12,686	10,221		12,596	10,680		10,486	8,641
Nike	Nov 19	1,249	997		1,561	1,270		1,243	1,215		1,291	1,159
Pfizer	Dec 19	(1,508)	(946)		10,727	4,177		4,141	4,527		4,323	4,127
Procter & Gamble	Dec 19	4,532	3,916		4,343	3,940		(5,065)	2,289		3,278	3,253
Travelers Companies	Dec 19	1,074	746		432	806		665	631		967	778
United Technologies	Dec 19	1,593	1,788		2,388	1,768		2,440	2,834		1,822	1,890
UnitedHealth Group	Dec 19	4,658	4,123		4,565	4,237		4,326	3,860		4,432	3,724
Verizon	Dec 19	3,712	1,367		6,923	6,675		5,310	5,527		6,788	6,054
Visa	Dec 19	3,974	3,630		3,711	3,538		3,866	2,812		3,677	3,217
Walgreens Boots Alliance	Nov 19	882	1,265		708	1,661		1,198	1,440		1,356	1,838
Walmart	Jan 20	5,673	5,664		4,373	2,576		4,913	398		5,157	2,822
Walt Disney Co	Dec 19	2,632	3,431		1,258	3,202		2,018	3,854		7,237	3,928
Totals all 30 Dow Cos		109,557	119,316		125,076	127,696		108,395	117,459		120,192	118,058
% Change vs Prior Year Quarter		-8.2%			-2.1%			-7.7%			1.8%