Dow Boots GM, Citi; Travelers, Cisco Take Spots

Overhauls drive firms off Industrial Average, says editor
By Matt Cantor,  Newser Staff
Posted Jun 1, 2009 9:30 AM CDT
Dow Boots GM, Citi; Travelers, Cisco Take Spots
A sign for Citibank is shown at Citigroup headquarters Thursday, April 30, 2009 in New York.    (AP Photo/Mark Lennihan)

(Newser) – General Motors and Citigroup are losing their spots on the Dow Jones Industrial Average after GM filed for bankruptcy, MarketWatch reports. Replacing them are Cisco Systems and The Travelers Companies. “A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon,” said Dow Jones’ editor-in-chief.

“We were reluctant to remove Citigroup at the height of the financial frenzy, but it is clear that the bank is in the midst of a substantial restructuring which will see the government with a large and ongoing stake,” Robert Thomson noted in a statement.
(Read more Dow Jones stories.)

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