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Dow Average replaces constituents

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By Vishal Teckchandani
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2 minute read

Stocks of two companies have been replaced in the widely-watched stock market barometer, the Dow Jones Industrial Average (DJIA).

Technology firm Cisco Systems and property and casualty insurer Travelers replaced bankrupt car maker General Motors (GM) and banking institution Citigroup.

GM ends an 83-year run as a part of the DJIA.

The owner of brands including Chevrolet and Cadillac filed for government-assisted Chapter 11 bankruptcy protection on 1 June.

Citigroup joined the Dow on 17 March 1994 as Citicorp.

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Travelers merged with Citicorp to form Citigroup in 1998, creating what was then termed a 'financial supermarket'.

Citigroup spun off Travelers in 2002.

The bank, which once traded at more than US$50 a share, received multi-billion dollar bailouts by the United States government during the financial crisis.

It traded at US$3.42 on 8 June.