GM and C removed from the Dow Jones Industrial Average

GM replaced in the S&P 500 by DeVry Inc.

Following the bankruptcy filing, Dow Jones Indexes said GM will be removed from the Dow Jones industrial average and will be replaced by Cisco Systems Inc (CSCO). Embattled financial company Citigroup Inc (C) will also be deleted from the Dow average and Travelers Cos Inc (TRV) will take its place.

Cisco, a maker of networking equipment, provided one of the biggest boosts to the Nasdaq, rising 5.4 percent to $19.50, while Travelers gained 3.1 percent to $41.91 on the New York Stock Exchange.

GM shares ended unchanged at 75 cents, a day before their suspension by the NYSE, while Citigroup slipped 0.8 percent to $3.69.

On Tuesday, GM’s stock is expected to start trading on the Pink Sheets under a new ticker symbol.

Standard & Poor’s said GM will be removed from the S&P 500 after the close of trading on Tuesday, June 2nd. It will be replaced by education company DeVry Inc (DV), whose stock jumped 4.1 percent to $46.20 after the bell.

This entry was posted on Monday, June 1st, 2009 at 5:31 pm and is filed under bailout, bank failure, bankruptcy, banks, bear market, bubbles, entitlement, foreclosure, govt. stats, income tax, industry, liquidity, recession, regulation, relative strength, risk management, S&P 500, sentiment, unfunded liabilities. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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