GM Removed From S&P 500 Index
NEW YORK (AP) ¿ Standard & Poor's said it will remove General Motors Corp. from its well-known S&P 500 index following the automotive giant's filing for bankruptcy protection Monday.
Standard & Poor's said GM will be removed from the index after the close of trading on Tuesday. Secondary education provider DeVry Inc. will take the auto manufacturer's place on the index.
As a result, consumer electronics and office furniture retailer Aaron's Inc. will replace DeVry in the S&P MidCap 400 and Cbeyond, an internet and communications company, will replace Aaron's in the S&P SmallCap 600 ¿ both as of the close of trading June 8.
GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company.
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