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October 21, 2014

UnitedHealth to replace Kraft in Dow 30

No bologna, as USA Today put it: Minnetonka-based insurer UnitedHealth Group is moving up in the world, and nudging out mac and cheese in the process.

The Dow Jones industrial average, the 30-stock index that may be the most widely known gauge of the U.S. stock market, announced Friday that it was dropping Kraft Foods to make room for UnitedHealth, effective Sept. 24, the Associated Press reports.

The AP said that S&P Dow Jones Indices, which manages the average, decided to nix Kraft because it is poised to become a much smaller company after spinning off its North American grocery business.

And UnitedHealth was added because of health care’s growing importance in the U.S. economy, David Blitzer, chairman of the index committee, told the AP.