iDow: Apple added to iconic Dow stock index

6 Mar 2015 | Author: | No comments yet »

Apple to join Dow blue-chip index later this month.

US tech giant Apple will join the blue-chip Dow Jones Industrial Index later this month, replacing venerable telecom company AT&T, S&P Dow Jones Indices announced Friday. The inclusion of the iPhone and iPad maker in the elite list of 30 top companies comes long after Apple had earning the title of the world’s biggest company by market capitalization, now with a value of more than $730 billion. Apple did a 7-for-1 stock split in June last year, a move designed to make its shares (which before the split cost upwards of $600 each) “more accessible to a larger number of investors.” A by-product of this split is that it also made inclusion in the Dow more likely, because of the way the index is calculated.

The addition of Apple comes only days after the tech-rich Nasdaq Composite Index — in which Apple is a heavyweight — breached 5,000 for the first time in 15 years. Apple’s share price got a bit of a lift in pre-market trading, because the mutual funds and exchange traded funds that track the Dow will now have to add its shares to their portfolios.

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