Amazon Replaces Walgreens in Dow Jones Shakeup
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Walgreens is being removed from the Dow Jones Industrial Average stock index. Amazon is taking its place.
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The change reflects the evolving American economy and increase the Dow's exposure to consumer retail.
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Amazon joins Apple and Microsoft as the third "Magnificent Seven" mega-cap tech stock in the Dow.
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Historically, inclusion in the Dow hasn't significantly impacted stock prices, but it brings prestige.
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The changes take effect on February 26 before the stock market opens. Uber is also replacing JetBlue in the Dow Transportation Average.