Dow Jones and Company announced that Bank of America Corp. and Chevron Corp. will replace Altria Group, Inc., and Honeywell International, Inc., in the Dow Jones Industrial Average, effective with the opening of trading on February 19. The stock index is 111 years old.
These are the first changes since April 8, 2004, when three stocks out of 30 were replaced.
Marcus W. Brauchli, managing editor of The Wall Street Journal, oversees the makeup of “The Dow,” which was created by Charles H. Dow as a 12-stock index in May 1896 and is currently the best-known stock-market barometer in the world.
“When we make any change, we review all the stocks,” Brauchli said. “In doing so, we saw that the financials industry was under-represented – notwithstanding the current turbulence – and that the oil and gas industry’s growing importance to the world economy called for another representative to join ExxonMobil Corp.”