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The stockmarket saw a big change today as it was announced that Alcoa will be replaced on the Dow-Jones Industrial Average after being included in the index for over 50 years. That company will be joined by Bank of America Corp and Hewlett-Packard Company.
Included in their stead will be Goldman Sachs, which is an investment bank, Nike, and apparel maker, and Visa, a credit card processing business. The changes will take place on September 23rd when they will be first included in the index.
S&P Dow Jones Indices, the entity that determines who is included in the index said the three companies, BOA, Alcoa and HP were let go because their stock prices have dropped too low. The three companies made up only 3% of the total average.
The components have changed 53 times in the 128 years that the Dow Jones Industrial Average has been in existance. The longest continuous presence is General Electric , who was admitted to the index in 1907.
The last original member, Tennessee Coal, Iron and Railroad Company, which later became U.S. Steel was the last original member on the Index, it was removed as U.S. Steel in 1991.
The last time changes to the components was in 2012 when Kraft Foods was replaced by UnitedHealth Group.
The Dow Jones Industrial Average finished out at 15191.06, up 127.94 from 15067.23 this morning.