Alcoa Dropped From Dow Jones Average
Alcoa is one of three companies being replaced in the most widely known barometer of the U.S. stock market.
S&P Dow Jones Indices says it will replace Alcoa with sneaker maker Nike, Hewlett-Packard with Visa, and Bank of America for Goldman Sachs in the first three-for-three change to the index since April 8, 2004.
The changes will become effective at the start of trading September 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.
Alcoa is the north country's largest private employer. It operates two plants in Massena.
Wednesday, August 27, 2014, Watertown, NY
On Wall Street