Apple has finally hit the big time.
The world's most valuable company will replace AT&T on the Dow Jones Industrial Average after the market close on March 18, according to a press release from S&P Dow Jones Indices, which owns the index.
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A press release states that the change was prompted by Apple's 7-for-1 stock split last year and Visa's 4-for-1 stock split, which is set to occur at the same time Apple joins the 30 companies on the index.
“As the largest corporation in the world and a leader in technology, Apple is the clear choice for the Dow Jones Industrial Average, the most recognized stock market measure,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement. “The DJIA is price weighted so extremely high stock prices tend to distort the index while very low stock prices have little impact."
Apple's inclusion comes after Microsoft and Intel joined the Dow in 1999, in a nod to the ascendance of tech. Apple, like those two companies, is listed on the Nasdaq.
The move happens just a few days after the Nasdaq surpassed 5,000 for the first time since 2000.
[img src="http://media.ycharts.com/charts/5422e741c5d4c64700b09976a3f5927b.png" caption="" credit="" alt="AAPL Chart"]AAPL data by YCharts
After Apple joins the Dow, the 30 companies on the index will be:
MMM: 3M Co.
AXP: American Express Co.
AAPL: Apple Inc.
BA: Boeing Co.
CAT: Caterpillar Inc.
CVX: Chevron
CSCO: Cisco Systems Inc.
KO: Coca-Cola Co.
DD: E.I. DuPont de Nemours & Co.
XOM: Exxon Mobil
GE: General Electric Co.
GS: Goldman Sachs Group Inc
HD: Home Depot Inc.
INTC: Intel Corp.
IBM: International Business Machines Corp.
JNJ: Johnson & Johnson
JPM: JPMorgan Chase
MCD: McDonald's Corp.
MRK: Merck & Co. Inc.
MSFT: Microsoft Corp.
NKE: NIKE Inc
PFE: Pfizer Inc.
PG: Procter & Gamble Co.
TRV: Travelers Cos.
UTX: United Technologies Corp.
UNH: UnitedHealth Group Inc.
VZ: Verizon Communications
V: Visa Inc
WMT: Wal-Mart Stores Inc.