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Yes, of course you can. But in the small dollar amounts you mention, you will pay commissions that are also high, at least as a percentage of the amount you are investing. For example, the 8.95 commission at Schwab on a $100 purchase is a rather large percentage.

You should have the dividends automatically reinvested. Most companies allow you to reinvest dividends at no cost. Talk to your broker about it. It works particularly well for smaller accounts.
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