NEW YORK, (Reuters) – Apple Inc, the largest U.S. company by market value, will join the Dow Jones industrial average, replacing AT&T Inc, in a change that reflects the dominant position of the iPhone maker in the U.S. consumer economy.
The decision to nudge aside AT&T, which has been part of the Dow for the better part of a century, is a recognition of how communications and technology have evolved.
It’s also a marker of Apple’s transformation, from a struggling company with a small, fervent following two decades ago, into the nation’s predominant consumer tech company.
“This is a sign of the times, and it might get everyone to look at the Dow more than they have been,” said Richard Sichel, who oversees $2 billion as chief investment officer at Philadelphia Trust Co. “It would be difficult to pick any 30 companies that would cover the entire economy, especially compared with the S&P 500, but it does give the Dow more credibility.”
