A Walgreens store in Washington, D.C. Photo: KAREN BLEIER/AFP/Getty Images
Walgreens will replace General Electric, an original member of the index, on the Dow Jones Industrial Average on June 26.
Why it matters: "With its addition, the DJIA will be more representative of the consumer and health care sectors of the U.S. economy," said David Blitzer, Managing Director and Chairman of the index committee at S&P Dow Jones Indices. "Today’s change to the DJIA will make the index a better measure of the economy and the stock market." G.E.'s stock price dipped about 1.25% in after-hours trading following the news and Walgreens went up by more than 2.46%.