GM, Citigroup get marching orders from Dow

NEW YORK: General Motors and Citigroup were kicked out of the closely watched Dow Jones industrial average on Monday, marking a historic fall from grace for two once venerable American corporations.

In a widely anticipated move, Dow Jones & Co said technology bellwether Cisco Systems Inc will replace GM, which filed for bankruptcy on Monday morning. Travelers Co, a large home, auto and commercial insurer, will take the place of Citigroup due to the bank's restructuring and the government's "large and ongoing stake".

The changes marked the latest fallout on the financial landscape from the collapse of the US housing market, when home prices plunged after years of running higher as credit markets froze.