NEW YORK – The world\’s most valuable company is now part of the Dow Jones industrial average.
Apple Inc. was put into the Dow after the market closed Wednesday. The Dow will begin trading with Apple stock when the markets open Thursday.
Created in 1896, the Dow is an index that tracks 30 stocks. It\’s meant to reflect the U.S. economy and markets.
The iPhone maker replaces AT&T, that was booted from the Dow. The manager from the index, S&P Dow Jones Indices, says it made the modification because of a stock split of Visa, another Dow member.
Apple, based in Cupertino, California, has a market value of US$748 billion. That\’s more than double the value of Exxon Mobil, a fellow Dow member and also the world\’s second-most-valuable company.
The Associated Press