Alphabet gains 1%; to replace Verizon in Dow index

Verizon Communications

Tue 23:18

** Shares of Alphabet GOOGL.O up 1% in extended trading on Tues after S&P Global said the Google-parent would join the Dow Jones Industrial Average, replacing Verizon Communications VZ.N
** Few investment funds benchmark their performance to the Dow .DJIA, unlike the S&P 500 .SPX, which is tracked by passively managed index funds with trillions of dollars in assets
** Still, the Dow is well known among retail investors, and membership in the index adds to the prestige of its constituents
** Changes to Dow go into effect prior to open on June 29

 (Reporting by Noel Randewich)
 ((noel.randewich@thomsonreuters.com))