Dow drops Charlotte-based Bank of America - WNCN: News, Weather

Dow drops Charlotte-based Bank of America

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CHARLOTTE, N.C. -

The Dow Jones industrial average is swapping Bank of America for Goldman Sachs and also replacing Hewlett-Packard and Alcoa in a six-company shake up of the most widely known barometer of the U.S. stock market.

S&P Dow Jones Indices says it will replace HP with Visa and Alcoa with sneaker maker Nike in the first three-for-three change to the index since April 8, 2004. The changes will become effective at the start of trading Sept. 23.

S&P Dow Indices manages the average and says the changes won't disrupt the level of the index. It says a push to diversify the sector and industry group representation of the index helped prompt the changes. 

The Dow is made up of 30 stocks. A small committee decides which companies are added or dropped.

In a statement, the Dow told The Wall Street Journal the changes "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."

Bank of America stock traded at more than $37 a share in September 2008 before dropping sharply in the fall of 2008 and winter of 2009. The stock price has rebounded since and opened at $14.52 on Tuesday.

 

 

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