Dow Jones Average given a reshuffle
Goldman Sachs, Visa and Nike will be added to the Dow Jones Industrial Average, replacing Bank of America, Hewlett-Packard and Alcoa in the first reshuffling since September 2012.
The changes will boost the number of financial-related companies in the 30-member gauge to five as the fifth-biggest US bank by assets and the largest payment network join JPMorgan Chase, Travelers and American Express.
Bank of America is being kicked out despite gaining 109pc in 2012, the Dow's largest gain.
Stocks are chosen for the average by editors of the 'Wall Street Journal', unlike most indexes maintained by S&P Dow Jones that are picked through an objective, rules-based process.
While changes in membership are unusual, they often involve more than one company at a time, according to Dow's guidelines.
"The Dow is going to look and act very differently going forward," said Dan Greenhaus, a strategist at BTIG.
Since the Dow average weights stocks by share price "V would become the second most important stock in the index and GS the third most important," he said, using the ticker symbols for Visa and Goldman Sachs.
The Dow average was devised in 1896 by Charles H Dow, co-founder of 'Wall Street Journal' publisher Dow Jones. (Bloomberg)