Dow Jones Throws ExxonMobil Overboard In Massive Index Shakeup

ExxonMobil has been kicked out of the Dow Jones Industrial Average index and replaced by Salesforce.com , a technology company that sells software that allows large companies to track sales and other information, according to CBS News . The move came after Apple announced a 4 for 1 stock split that takes effect on August 31. In a statement reported by Market Watch , S&P Dow Jones said the Apple split would reduce the weight of technology stocks in its index of 30 stocks. “The announced changes help offset that reduction. They also help diversify the index by removing overlap between companies of similar scope and adding new types of businesses that better reflect the American economy.” The changes would also help the Dow “add new types of businesses that better reflect the American economy,” the company added. Other changes to the DJIA include drug company Amgen replacing Pfizer and Honeywell International replacing Raytheon. ExxonMobil was added to the Dow index 92 years ago as Standard Oil of New Jersey and is currently the oldest member of the index. The Dow’s last original member, General Electric, was removed in 2018, according to CBS . Until 2012, ExxonMobil was the […]

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