The Dow Jones Industrial Average, a price-weighted stock market index tracking 30 large companies listed on U.S. exchanges, turned 130 years old on May 26. Currently, there are no Illinois based companies listed on the Index. However, there have been some notables over the years.
Kraft Foods
Most Americans grew up recognizing the iconic blue-boxed mac and cheese. The company, headquartered in Northbrook, was added to the Dow Jones Industrial Average on September 22, 2008. Corporate leadership ultimately decided to spin off the company into two separate entities, resulting in a lower market value needed to remain in the Index. In effect, the comapny was removed on September 24, 2012 and replaced by Minnesota headquartered UnitedHeath Group.
Boeing
Boeing, a Chicago-loop based company that designs and manufactures airplanes, rockets, satellites, and missiles, has remained in the Dow since 1987. However, it is no longer an Illinois company due to relocating to Virginia in 2022. At the time of moving, Boeing had a market cap of approximately $82 billion and has since grown to $180 billion. It currently ranks number 22 in overall market cap.
Caterpillar
Like Boeing, Caterpillar is still part of the Dow Jones but relocated its headquarters from Deerfield to Texas in 2022. The company, which manufactures heavy equipment, was originally established in Peoria in 1910 and had a market cap of about $115 billion before moving to Texas. Since then, the company’s market cap has grown to $400 billion, ranking it number 10 in overall market cap in the Index.
Walgreens
Walgreens, headquartered in Deerfield, is the most recent Illinois company to leave the Dow, with Amazon replacing it in 2024. Amazon was on a tear during this time and its market cap has grown so much that it currently ranks 4th, with a cap of nearly $3 trillion. Walgreens as it stands has a market cap of about $10 billion, which is about $50 billion off from the 30th ranked company listed on the Dow, which is Travelers Insurance. We’ll see moving forward whether Walgreens eventually finds its way back to the Dow, although it currently does not seem likely. Since its peak of $105 billion in market cap in July 2015, the retail pharmacy giant’s market cap has been trending downward. This might partially have been a factor in management’s decision to move in 2022.
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