Network equipment maker Cisco Systems and US insurer
Travelers are to replace recession hit Citigroup and General Motors
on the Dow Jones Industrial Average US stock market
barometer.
The changes, which take effect next week, come after GM filed
for bankruptcy and Citigroup was given a $45bn US taxpayer bailout,
according to the
Financial Times.
GM
yesterday struck a $33bn rescue deal with the US and Canadian
governments and worker bodies.
The vehicle manufacturer will now begin a 60 to 90-day
restructuring programme that could involve job cuts, some affecting
IT workers.
Cisco joins Microsoft, Intel, IBM and Hewlett-Packard in the
Dow's technology category, tipping the balance away from the
industrial sector for the first time.
News of Cisco's inclusion in the Dow boosted shares by 5.4% in
trading yesterday, and Travelers closed up 3.15%.