(MENAFN) The General Electric is set to be removed from the stock index, as announced the Dow Jones Industrial Average on Tuesday.
The appliance giant is to cease to be part of the illustrious index for the first time in 110 years, as GE's place is to be filled by Walgreens Boots Alliance, owner of the drug store chain Walgreens.
David Blitzer, managing director of the index committee at S&P Dow Jones Indices stated "Walgreens is a national retail drug store chain offering prescription and non-prescription drugs, related health services and general goods."
Blitzer added "with its addition, the DJIA will be more representative of the consumer and health care sectors of the U.S. economy. Today's change to the DJIA will make the index a better measure of the economy and the stock market."
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