http://www.djindexes.com/mdsidx/downloads/fact_info/Dow_Jones_Industrial_Average_Fact_Sheet.pdf
Stated Objective
To represent large and well-known U.S. companies. Covers all industries with the exception of Transportation and Utilities.
Key Features
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The index is maintained by the Averages Committee.
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Components are added and deleted on an as-needed basis. For the sake of continuity, such changes are rare, and typically occur following corporate acquisitions or other significant changes in a component company’s core business. When one component is replaced, all of them are reviewed.
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While stock selection is not governed by quantitative rules, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. Maintaining adequate sector representation within the index is also a consideration in the selection process.
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The index is price weighted.
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The Dow Jones Industrial Average was first calculated on May 26, 1896.
I wish I would have put a bunch in Alcoa when it fell out of their objective. ;^)