How UnitedHealth is hampering the Dow on the heels of CEO's resignation

Data: Financial Modeling Prep; Chart: Axios VisualsThe S&P 500 is up 10% over the past month, while the Dow Jones Industrial Average is up only 5%. The main reason why: UnitedHealth Group. Why it matters: This time last month, UnitedHealth was the highest-priced stock in the Dow, singlehandedly accounting for 9.2% of the index. The fall in the share price since then represents a drop of 1,938 Dow points, making it that much harder for the average as a whole to show solid gains.Driving the news: UnitedHealth fell another 18% on Tuesday when its CEO abruptly resigned, citing "personal reasons." That means it's now down 48% in one month.Between the lines: The Dow is always a bit lopsided. While UnitedHealth is now a more typical 4.5% of the average, Goldman Sachs has taken its place in the club of members trading at more than $600 per share. As a result, the investment bank, which is worth $185 billion, now comprises 8.7% of the Dow. By contrast, Nvidia, worth $3.19 trillion — that's 17 Goldmans — makes up just 1.9% of the average. The bottom line: There's a good reason why very few people actually invest in the Dow.Editor's note: This report was updated with stock price changes after Tuesday's close of trading.

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