General Electric Slashed From Dow Jones Industrial Average In Favor Of Walgreens
General Electric’s 111-year run as an indicator of the U.S. economy on the Dow Jones Industrial Average ended on Tuesday.
GE’s stock prices had fallen 55 percent in the past 12 months, so the Dow Jones Industrial Average replaced it with pharmacy giant Walgreen Boots Alliance, according to NPR, which will officially take effect on June 26.
“The U.S. economy has changed: consumer, finance, health care and technology companies are more prominent today and the relative importance of industrial companies is less,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a Tuesday press release.
GE’s stock was valued at $12.93 as of Wednesday morning, while Walgreens was valued at $66.43. Walgreens has become an empire with 13,000 retail pharmacies in 11 countries. The company is also facing pushback for its role in the U.S. opioid crisis in the form of lawsuits from states like Kentucky. (RELATED: Stuart Varney Accuses Mainstream Media Of Ignoring Booming Economy To Spite GOP [VIDEO])
Boston-based GE was the last of the original members of the Dow Jones Industrial Average, which was created in 1896. Other companies on the list of 30 include Disney, ExxonMobil and Apple, which replaced AT&T in 2015.
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