General Electric sinks after being booted from the Dow GE, WBA

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General Electric will be replaced by Wallgreens Boots Alliance in the Dow Jones Industrial Average.

Shares of embattled GE fell about 1.6 overnight following the announcement, while Walgreens rose 3 .

The change will make the index more representative of the economy, S&P Dow Jones Indices said.

Follow GE's stock price here — and follow Walgreens' here.

Shares of General Electric, an original Dow Jones Industrial Average member, sank about 1.7 ahead of Wednesday’s opening bell after the announcement it will be replaced by Walgreens Boots Alliance in the blue chip stock index.

Walgreens, which merged with the Swiss-British Alliance Boots pharmacy in 2014, gained about 3 on the announcement.See the rest of the story at Business InsiderNOW WATCH: Learning to celebrate failure at a young age led to this billionaire's successSee Also:The Air Force's 'rods from god' could hit with the force of a nuclear weapon with no falloutObama officials rushed to explain photos from 2014 that went viral showing locked-up immigrant children and Trump's facilities look the sameA Parkland shooting survivor is reigniting his war with Laura Ingraham after the Fox News host compared migrant child detention centers to summer camps. Here are the companies he's urging to stop advertising on her show.SEE ALSO: General Electric loses place in Dow, expected to be replaced by Walgreens

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