Tip - What does it mean when someone says that a stock went up X points? Does this refer to a percentage or numerical value?

For stocks, one point equals one dollar. So when you hear that a stock has lost or gained X number of "points", this is the same as saying that the stock has lost or gained X number of dollars. Although one point always equals one dollar, the percentage value of one point movement can be different for two companies.
Tags: stock,points,basis point,bps,stock market terminology