Has the DJIA become a fantasy sport?
S&P Dow Jones Indices recently dropped energy-giant ExxonMobil, big-pharma company Pfizer, and defense contractor Raytheon from the Dow Jones Industrial Average (DJIA). Taking their place will be cloud-software company Salesforce, biotech firm Amgen, and industrial conglomerate Honeywell. The DJIA isn’t really an industrial average any more. Many of its constituent companies (Goldman Sachs, Salesforce, Visa, …