For all of the excitement about Apple joining the Dow Jones industrial average next week, it might not make such a big difference.
In fact, had the Cupertino, California tech behemoth been in the group since the start of the year, the index still would be struggling to get into positive numbers, according to computations by brokerage firm Convergex.
As of Wednesday's close, Apple's $143 share price, including a 12 percent year-to-date gain, would have added just 82 points to the price-weighted index—a nice gain but barely enough to pull the average to level ground in an up-and-down year for the market. The Dow was off 187 points for the year heading into Thursday trading, which saw a nice rally on Wall Street that brought the industrials to around even in 2015.
"To get the Dow moving higher, you'll need some of the heavyweights in this price-weighted measure to get moving," Nick Colas, the chief market strategist at ConvergEx, said in his morning note Thursday.