Amazon.com is joining the 30-stock Dow Jones Industrial Average, replacing Walgreens Boots Alliance. Amazon stock moved higher late Tuesday after the news.
The change will be effective at the start of trading on Monday, Feb. 26, according to a news release from the S&P Dow Jones Indices.
"Reflecting the evolving nature of the American economy, this change will increase consumer retail exposure as well as other business areas in the DJIA," the news release said. The change was prompted by the upcoming three-to-one stock split from Walmart, Dow Jones Indices said.
Amazon stock gained 81% in 2023 and is up 11% so far in 2024. The tech giant has a market capitalization of about $1.7 trillion.
Walgreens, meanwhile, is down 3.6% in after-hours trading.
