NEW YORKThe Dow Jones industrial average is making some changes, replacing lagging stocks with higher flyers.
The changes to the so-called industrials involve two companies that don't make anything, per se. One bank is being swapped for another: Bank of America (BAC) for Goldman Sachs (GS) and computer maker Hewlett-Packard is being replaced with credit card company Visa (V). Alcoa (AA), the bellwether materials manufacturer, is being replaced by sneaker maker Nike (NKE).
The shakeup changes the most widely known barometer of the U.S. stock market.
S&P Dow Jones Indices says the changes are the first three-for-three switch to the index since April 8, 2004. The changes will become effective at the start of trading Sept. 23.
Nike, Visa and Goldman all made strong gains on the news in early trading.
S&P Dow Jones Indices manages the average and says the changes won't disrupt the level of the index. It says a push to diversify the sector and industry group representation of the index helped prompt the changes.
The Dow is made up of 30 stocks. A small committee decides which companies are added or dropped.