Apple has reached the pinnacle of the business world as S&P Dow Jones Indices announced on Friday that Apple was being added to the elite Dow Jones Industrial Average and iconic telecom AT&T was being removed.

This honor is just the latest milestone for the iPhone maker, who has become a symbol of the resurgent U.S. tech industry. In January, Apple reported net income of $18 billion, the largest quarterly profit ever, driven by robust global sales of its newest iPhones.

Apple Inc. To Replace AT&T On Dow Jones Industrial Average

For the record, Apple will join the Dow Jones after the close of trading on March 18th. The value of the Dow index will remain unchanged as all 30 components are reweighted. The stock has been on a tear for several years now, posting an annualized total return of 69% over the last 12 months and 36% over the last 10 years.

S&P Dow Jones Indices noted that the change in Dow components reflects Apple’s technology leadership as well as the need to rebalance the index relating to an upcoming 4-for-1 stock split by credit card issuer Visa.

Apple reinforces the ascendancy of tech firms in the Dow Jones Index

Apple joining the Dow marks the ascendancy of technology firms in the index that began when Microsoft and Intel joined it back in 1999. Like it’s technology brethren, Apple is listed on the Nasdaq stock exchange. Up until Microsoft and Intel joining the prestigious index, all Dow components were listed on the New York Stock Exchange (although there were never any legal restrictions against a Nasdaq stock in the Dow Jones Average).

S&P Dow Jones Indices noted that the move will increase the Dow’s technology representation and shrink that of telecommunications companies to make it more closely match the S&P 500 Index.

Statement from S&P Dow Jones Indices

“Apple is the clear choice for the Dow Jones Industrial Average, the most recognized stock market measure,” commented David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.