GE booted from the blue-chip Dow Jones index

General Electric Co. suffered a crowning ignominy Tuesday as overseers of the Dow Jones Industrial Average kicked the beleaguered company out of the stock gauge it has inhabited for more than a century.

When a stock is put into the 30-member Dow, it's a signal to many that the company has arrived in the highest echelon of the US corporate elite.

GE sank 45 per cent in 2017, compared with a 25-per-cent gain in the Dow, as it struggled with weak demand for industrial products from gas turbines to locomotives and oilfield equipment.

In Walgreens, the Dow gets something less than an investor darling. "All in all, I don't think it's meaningful to investors".

In the past year, GE's share price has fallen by 55.5 percent. According to the WSJ Market Data Group, the average performance one year after being added to the Dow is minus 8%, while the return is nearly flat-negative 0.6%-after ejection.

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S&P Dow Jones Indices said Tuesday that GE will be removed from index before the open of trading next Tuesday. Walgreens stock jumped 3%. A Dow company is typically a global giant.

"Symbolically, this indignity marks GE's fall from grace", said analysts at RBC. "Today's change to the DJIA will make the index a better measure of the economy and the stock market". GE briefly left the index, but has been in it continuously since 1907. "It's still a member of the S&P 500".

Underscoring the greater heft of the S&P 500, Twitter Inc TWTR.N surged 5 percent to a record high on June 5 after it was announced that the social media network would join that index.

The company is under investigation related to a $15 billion hit it took to cover miscalculations at an insurance unit. For stocks that have been added, prices could represent a near-term top.

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