File - Workers prepare for the opening of an Apple store in Hangzhou, Zhejiang province, in this January 23, 2015 photo. REUTERS/Chance Chan
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Apple Inc., the largest U.S. company by market value, will join the storied Dow Jones industrial average, replacing AT&T Inc., in a change that reflects the dominant position of iPhone maker in the U.S. economy and society.With a market capitalization of $736 billion, Apple is the largest publicly traded company in the index. The action, by S&P Dow Jones Indices, had been widely expected since Apple split its shares seven-for-one in June 2014 .Despite Apple's size, it would, as of Thursday's close, only have a 4.66 percent weighting in the Dow because of its price, the index company said in a statement. Apple will join the average on March 18 .In early trading, shares of Apple were higher, gaining 1.4 percent to $128.15, while AT&T's shares fell 1.4 percent to $33.53 .
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