S&P Dow Jones Indices is planning to add Nike 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 the 30-stock index.
Being replaced are Hewlett-Packard, Alcoa and Bank of America.
S&P Dow Jones Indices said Tuesday that 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 September 23.
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.