exxon

Fossil fuel giant was longest-running member of blue-chip stock index after being first added in 1928

By Louise Boyle

The Independent

Exxon Mobil’s demotion from the Dow Jones Industrial Average after nearly a century is being celebrated by environmentalists as a harbinger of the fossil fuel industry’s demise.

The oil behemoth was the longest-running member of the blue-chip stock market index after being added in 1928 when it was still called Standard Oil of New Jersey. In 2013, Exxon was the most valuable company on earth, valued at around $418billion.

Exxon Mobil is not alone in dropping out. Pharmaceuticals giant, Pfizer, and Raytheon Technologies, an aerospace and defence manufacturer, will also drop from the Dow before trading opens this coming Monday.

Exxon Mobil shares fell 3.4 per cent, Pfizer fell 1.6 per cent and Raytheon lost 2 per cent on the news.

The companies will be replaced by tech firms: Software company…