Goldman Sachs: Wall Street's New Dow Component
NEW YORK (TheStreet) -- Goldman Sachs
The additions and deletions to the Dow Index were prompted by the low share prices of firms being removed and the Index Committee's "desire to diversify the sector and industry group representation of the index," Standard & Poor's said in a statement. S&P, a subsidiary of McGraw-Hill
The change in firms listed on the 30-member index will occur at the close of trading on Sept. 20.
The addition of Goldman Sachs to the Dow indicates it, along with JPMorgan
Goldman's addition to the Dow Index will also come just as Warren Buffett-run Berkshire Hathaway
For HP, its removal from the Dow further underscores pressure the world's leading PC-maker has faced amid the rise of mobile devices such as smartphones and tablets. Alcoa, strained by mistimed acquisitions, heavy debts and macroeconomic headwinds, will also be leaving the Dow after an over 50-year time as a bellwether for the index. Alcoa is usually the first Dow component to report its quarterly earnings.
--Written by Antoine Gara in New York