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Bank of America, Chevron take spot among Dow industrials

Business Materials 11 February 2008 23:06 (UTC +04:00)

( dpa )- Bank of America Corp and Chevron Corp will join the Dow Jones Industrial Average, replacing Altria Group Inc and Honeywell International Inc in the first shake-up of the oldest US stock gauge in four years, it was announced Monday.

The blue-chip Dow, which includes 30 top US companies, said Altria's demotion was brought on by its sell-off of Kraft Foods Inc last year and plans to spin off its international tobacco subsidiary - which is three times larger than its domestic unit - in an effort to shield its overseas business from US lawsuits.

Bank of America is the second-largest US bank behind Citigroup Inc. Chevron is the second largest energy producer behind Exxon Mobil Corp, and had been a member of the Dow on two previous occasions, last losing its place in 1999. Both are currently represented in the broader Standard and Poor's 500 Index.

Altria and Honeywell must give up their places by February 19. The Dow celebrated its debut in May 1896.

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