Dow Jones Industrial Average ditches Exxon, adds tech names in biggest overhaul since 2013

Carlos Jasso/Reuters

• The Dow Jones industrial average will ditch a long-standing energy giant and tilt further toward tech stocks in its biggest shakeup since 2013.
• The 30-stock index will replace Exxon Mobil, Raytheon, and Pfizer with Salesforce.com, Amgen, and Honeywell, S&P Dow Jones Indices announced Monday.
• The shift was prompted by Apple's four-for-one stock split. Since the Dow is price-weighted, the tech giant's split erases some of the index's tech leaning.
• The changes come after the Dow has lagged its more tech-focused peers throughout the coronavirus pandemic. While rallying tech stocks drove the S&P 500 and Nasdaq composite to record highs on Monday, the Dow remains 4.4% from its peak.
• Watch the Dow Jones industrial average update live here.

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After lagging its more tech-exposed peers throughout the coronavirus pandemic, the Dow Jones industrial average is finally playing catch-up. 

S&P Dow Jones Indices announced Monday afternoon it will kick Exxon Mobil, Raytheon, and Pfizer out of the benchmark index. Salesforce.com, Amgen, and Honeywell will join the Dow in their absence. The changes will take effect when the market opens on August 31.

See the rest of the story at Business Insider

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