by Pam Martens and Russ Martens
Wall Street on Parade
Yesterday, S&P Dow Jones Indices made the stunning announcement that Exxon Mobil, which has been in the Dow Jones Industrial Average for 92 years, will be replaced in the index before trading begins next Monday, August 31, by Salesforce, a company that went public in 2004. (Exxon Mobil became a component of the Dow in 1928 under the name Standard Oil of New Jersey.)
Two other companies are also being replaced in the Dow before trading begins on Monday. The biotech company, Amgen, will replace the more traditional pharmaceutical company, Pfizer. Industrial technology products company, Honeywell International, will replace Raytheon Technologies.
In its official press release announcing the changes, S&P Dow Jones Indices said this: