NEW YORK (AP) — The Dow Jones industrial average is swapping Bank of America for Goldman Sachs and also replacing Hewlett-Packard and Alcoa in a six-company shake up of the most widely known barometer of the U.S. stock market.
S&P Down Jones Indices says it will replace HP with Visa and Alcoa with sneaker maker Nike in the first three-for-three change to the index since April 8, 2004. The changes will become effective at the start of trading Sept. 23.
S&P Dow Indices manages the average and says the changes won't disrupt the level of the index. It says a push to diversify the sector and industry group representation of the index helped prompt the changes.
The Dow is made up of 30 stocks. A small committee decides which companies are added or dropped.