Apple Added To Dow Jones Industrial Average
Source: The Wall Street Journal.
By Colin Barr
Updated March 6, 2015 10:10 a.m. ET
Apple Inc. will join the Dow Jones Industrial Average this month, a long-anticipated change that adds the world’s most-valuable company to the 119-year-old blue-chip index.
The move is the latest milestone for Apple, which has emerged in recent years as the standard-bearer for a resurgent U.S. technology sector. The Cupertino, Calif., company in January reported latest-quarter net income of $18 billion, the largest quarterly profit on record, fueled by roaring sales of iPhones.
Apple will replace telecommunication giant AT&T Inc., according to S&P Dow Jones Indices, the unit of McGraw Hill Financial Inc. that owns the Dow. Shares of Apple rose 2.2% in morning trading Friday to $129.19.
Apple’s addition caps the ascendancy of tech in the Dow that started in 1999 when software giant Microsoft Corp. and semiconductor maker Intel Corp. joined, a nod to the “New Economy” boom then sweeping the U.S. Like Apple, both companies are listed on Nasdaq . Previously, all Dow components had been listed on the New York Stock Exchange, though there weren’t any restrictions against having a Nasdaq stock.
Read more: http://www.wsj.com/articles/apple-added-to-dow-jones-industrial-average-1425650402
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