EXHIBIT 5.1


OPINION OF JOSEPH A. STERN, ESQ.

[Letterhead of Dow Jones & Company, Inc.]


                                                           February 9, 2005

Dow Jones & Company, Inc.
200 Liberty Street
New York, NY 10281

Ladies and Gentlemen:

In connection with the registration on Form S-8 under the Securities Act of
1933 of 1,171,545 shares of Common Stock, $1.00 par value (the "Stock"), of
Dow Jones & Company, Inc., a Delaware corporation (the "Company"), for
issuance pursuant to the terms of the BigCharts Inc. 1995 Stock Plan,
MarketWatch, Inc. 1998 Equity Incentive Plan, Pinnacor Inc. 1999 Stock
Option Plan, Pinnacor Inc. 2000 Equity Incentive Plan, and MarketWatch,
Inc. 2004 Equity Incentive Plan (collectively, "Plans"), I, as counsel to
the Company, have examined such corporate records, certificates and other
documents, including the Plans, and reviewed such questions of law, as I
have considered necessary or appropriate for the purpose of this opinion.
Based upon the foregoing, I am of the opinion that, when (i) the
Registration Statement shall have become effective under the Securities Act
of 1933 and (ii) the Stock is issued by the Company in accordance with the
terms of the Plans, the Stock will be legally issued, fully paid and
nonassessable.

I hereby consent to the filing of this opinion with the Securities and
Exchange Commission as an exhibit to the Registration Statement. I also
consent to the reference to me under the caption "Interests of Named
Experts and Counsel" in the Registration Statement. In giving this consent,
I do not thereby admit that I am included in the category of persons whose
consent is required under Section 7 of the Securities Act or the General
Rules and Regulations of the Securities and Exchange Commission.


Very truly yours,


/s/ Joseph A. Stern
-------------------
Joseph A. Stern