Finance
Exxon Booted from Dow Industrials in Major Embrace of Tech
- Amgen, Salesforce, Honeywell to join blue-chip index
- Oil giant among three ousted with Raytheon and Pfizer
Photographer: Spencer Platt/Getty Images
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The dominance of technology companies has eclipsed every other story in 2020’s pandemic-upended stock market. Now it’s helping speed changes to the world’s most famous equity benchmark.
In the biggest reshuffling in seven years, Exxon Mobil Corp, Pfizer Inc. and Raytheon Technologies Corp. were kicked out of the Dow Jones Industrial Average, making way for Salesforce.com, Amgen Inc. and Honeywell International to enter the 124-year old equity gauge a week from today. The actions were prompted when Apple Inc. -- currently 12% of the 30-stock index -- announced a stock split that reduced the sway of computer and software companies in the price-weighted average.