UPDATE 3-Dow Jones index announces biggest shake-up in a decade

Tue Sep 10, 2013 3:51pm EDT
 
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* Goldman Sachs, Visa, Nike new members of century-old average

* Bank of America ends turbulent five years in blue chip index

* Aluminum company Alcoa exits after more than 50 years

* Just $30-$35 bln in funds tracks 'well known' Dow

By Rodrigo Campos

NEW YORK, Sept 10 (Reuters) - In the biggest shake-up of the Dow Jones industrial average in nearly a decade, Goldman Sachs, Visa and Nike will join the storied 30-stock index, with Bank of America, which just two years ago was the largest U.S. bank by assets, one of the names exiting the Dow.

The three newcomers - an investment bank, credit card payment processor and apparel company, respectively - will also replace Alcoa, in the index since 1959, and Hewlett-Packard Co.

The changes will take effect at the opening of trading Sept. 23, said S&P Dow Jones Indices, whose index committee makes decisions on the make-up of the average.

With the changes, the committee again passed on a chance to include Apple Inc and Google Inc, the first- and third-largest U.S. companies by market value. Apple stock trades above $500 and Google closed Monday above $888.   Continued...