Word: stodgier
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Dates: during 1970-1979
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This was accomplished by replacing two of the stodgier performers, Chrysler and Esmark (formerly Swift & Co., the meat packer), with glamorous Merck & Co. and IBM, which is the market's most popular growth stock. Their inclusion reflects the rising importance of technology and drug companies in the economy and stands to make the Dow somewhat more volatile. Both companies' shares have risen substantially in value over the past two decades (Merck has more than tripled, IBM has quintupled), and relatively high-priced stocks usually have sharper swing than do lower-priced ones. Had IBM and Merck replaced Chrysler...