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Dismantle the Decrepit Dow

The Dow Jones industrial average continues to be synonymous with the stock market—its daily move will often kick off the nightly news—even though it has never been less representative of the real-time American economy.

Last week, Google, one of the most disruptive players in the history of technology—ask any media company, particularly Dow component Microsoft—for the first time crossed $1,000 a share to become the third most valuable company in the U.S., after ExxonMobil and Apple. Of those three domestic market-value leaders, only Exxon is in the Dow.