Dow Jones Industrial Average adds Amazon, axes Walgreens

Amazon will be replaced by Walgreens Boots Alliance in the Dow Jones Industrial Average.

S&P Dow Jones Indices announced after market close on Tuesday that the changes would take effect before the start of trading on Monday. Walgreens has been part of the Dow Jones Industrial Average since replacing General Electric Co. in 2018.

“Reflecting the evolving nature of the U.S. economy, this change will increase DJIA’s exposure to consumer retail, as well as other business areas,” S&P Dow Jones Indices said in a statement.

Wal-Mart’s decision to split its stock 3-to-1 “prompted” the shift, the index provider said.

Amazon’s entry is another milestone in the company’s rapid growth from an online book retailer to an e-commerce giant.

Amazon stock is up 0.5 points since the start of trading as of 2:30 p.m. ET Wednesday, while Walgreens stock is down 3%.

S&P Dow Jones Indices also announced that Uber Technologies will replace JetBlue Airways in the Dow Jones Transportation Average.

“This change will help the index increase its exposure to the ride-sharing industry,” S&P Dow Jones Indices said, adding, “The index change will increase JetBlue’s weight in the index by 1 percentage point. “The fact that the index was below 0.5 was caused by the slump in stock prices.” Stock price. “

As of 2:30 p.m. Wednesday, Uber stock was down about 0.5 percentage point and JetBlue stock was down 3.5%.