Arab Today, arab today alcoa hp bank of america bumped from dow index
Last Updated : GMT 16:29:24
Arab Today, arab today
Arab Today, arab today

Alcoa, HP, Bank of America bumped from Dow index

Arab Today, arab today

Arab Today, arab today Alcoa, HP, Bank of America bumped from Dow index

New York - AFP

Alcoa, Hewlett-Packard and Bank of America are losing their official blue-chip status: all three are being dropped from the Dow Jones Industrial Average, the index owner announced Tuesday. Their status as leaders of their respective industries diminished, the three are to be replaced by investment bank Goldman Sachs, credit card issuer Visa and athletic wear giant Nike, S&P Dow Jones Indices said. The changes, to take place on September 23, \"were prompted by the low stock price of the three companies slated for removal and the Index Committee\'s desire to diversify the sector and industry group representation of the Index,\" S&P Dow Jones Indices said. Comprised of 30 top US companies, the Dow Jones Industrial Average has been one of the leading measures of the health of US stocks and somewhat of a proxy indicator for the US economy since it was created in 1896. It is a quotient of the cumulative price of all the shares in the index, and thus can be heavily shaped buy the companies whose prices soar and sink out of line with the rest. The index owner periodically changes its membership to reflect both the evolution of US industry and the health of member companies. But David Blitzer, managing director at S&P Dow Jones Indices, stressed that the main reason for dropping the three was that the share prices of Alcoa, Hewlett-Packard and Bank of America had languished at too-low levels for too long, and were weighing down the overall index. \"Changing the stocks in an index is not an investment recommendation,\" he added in a conference call. \"It is done to improve the index, to make it a better representation of the market overall.\" \"There is no intention to pick winners.\" The company stressed the changes will not affect the level of the index and how it reflects the overall market for US stocks, though Blitzer said some short-term minor distortions could take place as investors who focus on the index adjust their portfolios. \"There is always a bit of transitory trading,\" he said. In early trade in a rising market Tuesday Nike shares were up 2.0 percent, Goldman added 3.2 percent and Visa 2.0 percent, while Alcoa gained 0.2 percent, Bank of America added 0.8 percent and Hewlett-Packard slipped 0.5 percent. Even as it highlights the prominence and success of its members, the Dow does not include some of the largest and most successful US companies, such as Apple, Google or the revitalized General Motors, which was included before the financial crisis sent it into bankruptcy restructuring. Blitzer explained that putting a company like Google into the index would distort it, because its share price is too high, at the current $886 a share. As for General Motors and Ford, he said, \"We are keeping an eye on them, but there is no way to tell when they will drive into the index.\" The Dow set a record high of 15,658.36 on August 2, and has slipped since then. In early trade Tuesday the index was at 15,155.03, up 0.6 percent for the day and 15.7 percent for the year.

arabstoday
arabstoday

GMT 21:04 2017 Monday ,18 September

Dollar exchange rate stable at major banks

GMT 19:07 2017 Monday ,18 September

Inflation slump to hit in early 2018: ECB

GMT 20:35 2017 Sunday ,17 September

Dollar exchange rate stable at major banks

GMT 05:53 2017 Saturday ,16 September

ECB fines rescued Italian bank 11.2 mln euros

GMT 11:43 2017 Tuesday ,12 September

US sues ex-Deutsche Bank exec for securities fraud

GMT 12:03 2017 Sunday ,10 September

Bahrain introduces mandatory IESCA
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alcoa hp bank of america bumped from dow index Arab Today, arab today alcoa hp bank of america bumped from dow index

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alcoa hp bank of america bumped from dow index Arab Today, arab today alcoa hp bank of america bumped from dow index

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday