Nike is being added to the Dow Jones industrial average, the most widely known barometer of the U.S. stock market. Nike joins Goldman Sachs and Visa as new companies on the 30-stock index.
Being replaced on the index are Hewlett-Packard, Alcoa and Bank of America.
S&P Dow Jones Indices said the index changes were prompted by the low stock price of the three companies set for removal and the index committee's desire to diversify the sector and industry group representation of the index.
The move would be the first “three for three” change to the index since April 8, 2004. The changes will be effective with the opening of trading on Sept. 23.