Apple Inc. is set to join the Dow Jones Industrial Average in a long-anticipated change that will add the technology giant to the 119-year-old blue chip index.

The announcement is the latest milestone for the world’s largest company by market value, which currently stands at $736 billion. At the start of the year, Apple reported $18 billion in the latest quarter’s net income, which was the largest quarterly profit on record. Apple has also been one of the best performers in the market over the last few years, posting an annualized total return of 36% over ten years. Apple has one of the most recognizable brands in the world.

[quote text_size=”small” author=”– Elizabeth Vega” author_title=”Chairman of the index committee for S&P Dow Jones Indices”]

Apple is the clear choice for the Dow Jones Industrial Average, the most recognized stock market measure.

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Apple will replace telecommunications giant AT&T Inc. on the Dow Jones index on March 19, the Wall Street Journal reported.

S&P Dow Jones said a stock split by Dow component Visa Inc. will reduce the information-technology sector weighting of the index, clearing the way for Apple. Visa’s 4-for-1 stock split — announced in January — prompted the addition of Apple, and Apple’s 7-for-1 stock split that took effect last June made the change possible, according to Forbes.

Before Apple shares split last year, they were trading at more than $600, which many though was too high and would dominate the price-weighted Dow. Apple’s split brought its price closer to that of current Dow components.

An index committee chooses component stocks of the Dow. The Dow usually includes less volatile companies, and the addition of Apple may make the index more vulnerable to sharper moves, as Apple shares usually swing almost twice as often as AT&T’s.

Apple shares were up 2% to $128 in early trading on Friday, which is close to the record high.

The New York Times reports that the addition of Apple to the Dow Jones index will give investors yet another reason to buy up shares, as many investors and portfolio managers use the Dow to measure performance. Apple is already a large component of the Nasdaq and the Standard & Poor’s 500-stock index, both of which are tracked closely by investors.