Alphabet replaces Verizon in the Dow Jones Industrial Average, becoming the fifth Magnificent 7 member and helping stabilize a volatile tech sector.

Alphabet joins the Dow Jones Industrial Average on June 29, replacing Verizon. Here's why Alphabet joined the Dow and what it means for investors.

Alphabet (NASDAQ: GOOG) stock climbed nearly 2% on Monday as the Google parent officially replaced Verizon in the price-weighted Dow Jones Industrial Average.

Google parent Alphabet's shares entered the Dow Jones Industrial Average on Monday, in an index reshuffle replacing Verizon Communications, signalling a tech shift in the blue…