The Dow Jones Industrial Average* (DJI) turned 130 in May and has undergone more than 50 adjustments since its inception.

Verizon’s 22 year run in the Dow is ending, with a trillion-dollar company that’s an artificial intelligence (AI) applications leader taking its place.

Alphabet (GOOGL) will join the Dow on June 29, replacing Verizon Communications (VZ) to better reflect the growing sectors of the US economy. Specifically, Alphabet's Class A shares (GOOGL) will join the index.

Alphabet's inclusion will "broaden and strengthen the DJIA's exposure" to areas such as artificial intelligence, cloud computing, healthcare technology, and digital advertising, said the S&P Dow Jones Indices statement.

*We prefer using the S&P 500** (currently at 7388) for following the stock market because it is a broader index made up of 500 stocks vs 30.

Sources: finance.yahoo.com & msn.com

**The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.