GM and Citigroup drop out of Dow

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General Motors and Citigroup have been replaced in the Dow Jones Industrial Average by Cisco Systems and Travelers.

Their relegation from the 30 members of the blue-chip index adds insult to injury following the fall from grace of the two once-powerful corporations.

GM filed for bankruptcy on 1 June while Citigroup has been laid low by the global financial crisis.

Ironically, the insurance giant Travelers was part of Citigroup before it was spun-off in 2002.

Cisco is the company responsible for the infrastructure that drives the internet.

The change was effective from the start of trading on Monday.