Sherwin-Williams is top gainer with addition to Dow Jones Industrial Average
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Sherwin-Williams (NYSE:SHW) on Monday rose as much as 7.1% to become one of the day's biggest large-cap gainers as investors prepare for the addition of the maker of paints and coatings to the Dow Jones Industrial Average (DJIA).
As part of a routine rebalancing to reflect blue-chip companies in different industries, S&P Dow Jones Indices on Friday said that Sherwin-Williams (SHW) would replace chemical maker Dow (DOW) in the 30-stock benchmark starting on November 8.
Sherwin-Williams (SHW) has a market value of about $90 billion, and its share price is up about 85% in the past five years. As for Dow (DOW), the company has a market value of $34 billion after splitting into three separate companies in 2019.
On Friday, S&P Dow Jones Indices also said chipmaker Nvidia (NVDA) will replace Intel (INTC) in the Dow index.
“The index changes were initiated to ensure a more representative exposure to the semiconductors industry and the materials sector, respectively,” S&P Dow Jones Indices said in a statement Friday.
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