Goldman to join Dow in biggest US index shake-up since 2004

Goldman Sachs, Visa and Nike are to join the Dow Jones Industrial Average (DJIA) index later this month in the largest shake-up for almost a decade.

The three stocks will replace Bank of America, Hewlett-Packard and aluminum producer Alcoa, respectively, as of 23 September. The move will mark the first ‘three for three' change to the closely followed 30-stock index since April 2004. S&P Dow Jones Indices said the move was prompted by the latter trio's low stock prices, as well as a desire to diversify the index's industry group representation. The UK fund management industry typically uses the S&P 500 or other alternative benchmarks for US equity-focused vehicles, in part due to the perceived lack of diversification in the DJIA...