# Prof. Richard Sylla on the evolution of the Dow's 30 stocks

1 Faculty News March 7, 2015 ![Los Angeles Times logo](/sites/default/files/styles/246w/public/assets/images/con_032838.jpg?itok=d4eVwIbD)>

Excerpt from [Los Angeles Times](http://www.latimes.com/business/la-fi-apple-dow-att-20150307-story.html) -- "The replacement of AT&T with Apple is emblematic of how the Dow has managed to adapt to changes in markets and the economy, said [Richard E. Sylla](http://www.stern.nyu.edu/faculty/bio/richard-sylla), a historian of financial institutions and markets at New York University's Stern School of Business. 'AT&T, which was in the Dow for much of the 20th century, was how people used to make phone calls,' he said. 'Now Apple is the way people make phone calls.'"

[Read more](http://www.latimes.com/business/la-fi-apple-dow-att-20150307-story.html)