Microsoft, Intel Added To Dow Average4:33 PM EST Tue. Oct. 26, 1999
Microsoft Corp. and Intel Corp. will be added to the Dow Jones Industrial Average, effective with the beginning of trading on Monday, Nov. 1.
This marks the first time since its creation in 1896 that the Dow has included stocks not listed on the New York Stock Exchange. Both Microsoft and Intel trade on the Nasdaq exchange.
The last changes to the Dow were in March 1997, when Hewlett-Packard Co., Johnson & Johnson, Wal-Mart Stores Inc. and what is now Citigroup Inc. replaced Texaco Inc., Bethlehem Steel Corp., Woolworth Corp. and Westinghouse Electric Corp.
Also being added next week are The Home Depot Inc. and SBC Communications Inc. The new stocks will replace the following four companies: Chevron Corp., Goodyear Tire & Rubber Co., Sears, Roebuck & Co. and Union Carbide Corp.
The Dow will continue to track 30 stocks. In addition to the new tech companies being listed, HP and IBM Corp. are also among the Dow 30.
Dow stocks are selected by the editors of The Wall Street Journal, which is published by Dow Jones & Co. Since 1896, the Dow has been the most widely used indicator of U.S. stock market activity.
News of the changes in the Dow seemed to have little effect on trading.
The Dow closed Thursday off 48 points to 10,302.
Meanwhile, Microsoft shares dipped slightly to $92.38, and Intel was up slightly to $71.36 per share.