One of the main oil companies in the world вЂ” the American ExxonMobil вЂ” was excluded from the Dow Jones Industrial Average, although it was its oldest member, Bloomberg reports.
Pharmaceutical company Pfizer and arms supplier Raytheon also left the index. If the former has been in the Dow Jones since 2004, the latter completed the merger with United Technologies, which was included in the index back in 1939.
The presence in the index affects the investment attractiveness of companies since the largest investment funds pay attention to this. Thus, ExxonMobil and other leaving firms were left without their money. Against this backdrop, Exxon shares fell 2.3 percent, Pfizer вЂ” 1.3 percent, and Raytheon вЂ” 3 percent.
The reason for this drastic revision was Apple's desire to split the shares so that they are available to more investors. The company, which has overtaken Saudi Aramco to become the most valuable in the world, currently has the highest share in the index at 12 percent, but after crushing it will drop to 3 percent.
Salesforce.com, Amgen, and Honeywell International, which entered the index, rose 3 percent, 4 percent, 3.9 percent, respectively. At the same time, Honeywell returned to the index 12 years after it left it.
Three companies were last added to the Dow Jones seven years ago. At the moment, only one energy company remains in the index вЂ” Chevron. This will strengthen the dominance of tech companies.
Last week, Apple's capitalization exceeded two trillion dollars. Since March, its quotes have doubled; previously, no American company was valued so high. As of August 25, the value of one Apple share exceeded $500.