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The rise and rise of Apple is creating problems in the arcane world of index tracking, with changes now being considered to the venerable Dow Jones Industrial Average, the world’s most famous stock market measure.
The Dow is supposed to be a gauge of America’s industrial titans, but does not include Apple, Google or Berkshire Hathaway, three of the 10 biggest US companies by market value. Standard & Poor’s, which took control of the Dow Jones index business two months ago, has a problem bringing them in: because the 30-stock index is weighted by price, the three companies’ soaring shares mean they would dominate it if included.