NEW YORK — The Dow Jones industrial average is the latest Wall Street institution to be reshaped by the financial crisis. The stock market’s best-known barometer is adding Cisco Systems and Travelers, and dropping General Motors and Citigroup. The changes were announced as GM entered bankruptcy protection.
Cisco, which makes computer-networking gear, is filling the role left by GM after 83 years as part of the Dow. Travelers, the property and casualty insurer and one-time division of Citicorp, replaces its former parent. The changes to the 30-stock index take effect June 8.
Dow Jones Indexes executive director John Prestbo said Dow Jones tapped Travelers for the index to add back a major insurer after dumping American International Group in September. Kraft Foods replaced AIG.
And the government has, through bailout money, become a major Citigroup shareholder and reduced its role as a publicly held company. The Associated Press
