Bailed-Out AIG Loses Spot on the Dow

September 18, 2008 ( - Kraft Foods Inc. (KFT) will replace American International Group Inc. (AIG) in the Dow Jones Industrial Average, effective with the opening of trading on September 22, Dow Jones & Company announced.

A Dow Jones news release said the 112-year-old stock index was previously changed on February 19, 2008, when two stocks out of 30 were replaced.  AIG has been in the Industrial Average since April 1, 2004.

“We are refraining at this point from adding another stock in the financial industry because of the extremely unsettled conditions. We realize this decision leaves the Dow Jones Industrial Average underweighted in financials, and we will address this situation in due course,” said Robert Thomson, managing editor of The Wall Street Journal. “We are adding Kraft because the Dow Jones Industrial Average had no representation in food products. Kraft is one of the world’s leading food companies.” 

The Journal’s top news editor oversees the makeup of “The Dow,” which Charles H. Dow created as a 12-stock index in May 1896.

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