Detailed Instructions: In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.
Q: Stock Chart for Wells Fargo & Co (WFC) 
  
 Mortgage lenders including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) that feasted on refinancings as interest rates reached all-time lows are now warning that the drop in demand may be steeper than expected. 
  
 Even Bank of America Corp., which fell to fourth in U.S. mortgages last year as it scaled back after buying Countrywide Financial Corp., is reducing capacity further as surging interest rates crimp demand. The Charlotte, North Carolina-based firm is eliminating 2,100 jobs and closing 16 offices by Oct. 31, said two people with direct knowledge of the plan. 
  
 Home lenders are tempering forecasts after interest rates rose amid signs the Federal Reserve may scale back stimulus efforts. Wells Fargo, the top U.S. home lender, said yesterday that third-quarter originations may fall 29 percent to $80 billion. JPMorgan, ranked No. 2, said it expects to lose money on home lending in the second half as volumes drop as much 40 percent from the year’s first six months. 
  
 “There was speculation, I’m sure by Wells but a lot of other people, that there would be second-quarter momentum that would carry through to the third quarter,” said Guy Cecala, publisher of Inside Mortgage Finance in Bethesda, Maryland. Yesterday’s comments and Bank of America’s job cuts show “that some of that stuff appeared very quickly in terms of people dropping out of the market. That clearly doesn’t bode well.” 
  
 Higher Rates 
  
 Interest rates climbed after Fed Chairman Ben S. Bernanke told Congress on May 22 that the central bank may scale back the pace of its $85 billion of monthly purchases of mortgage bonds and Treasuries if the U.S. economy shows sustained improvement. The cost of a 30-year fixed home loan rose to 4.57 percent last week from 3.35 percent in May. 
  
 Wells Fargo Chief Financial Officer Tim Sloan’s forecast for $80 billion in originations was darker than his July prediction that the San Francisco-based firm wouldn’t post an eighth straight quarter of $100 billion or more. The bank entered the third quarter with $63 billion of unclosed mortgages. 
  
 The lender’s gain-on-sale margin, what it gets from selling loans to be packaged into securities and sold to investors, will narrow to about 1.5 percent in the quarter, Sloan said yesterday at an investor conference in New York. That would be the lowest since 2011’s third quarter, when it was 1.34 percent, the presentation showed. 
  
 ‘Slightly Negative’ 
  
 An increase in lending for home purchases won’t be enough to replace a drop in refinancings, JPMorgan CFO Marianne Lake said in her presentation. The bank’s pretax-profit margins and income on mortgage lending will be “slightly negative” in the third and fourth quarters as the firm takes time to adjust its fixed costs. 
  
 “Although this may have happened sooner than we had expected, we did contemplate a more normal rate environment in our longer-term targets,” she said. 
  
 Wells Fargo and JPMorgan reported record profits last year, aided by refinancings and a rebound in sales and prices. Now, mortgage lenders are paring staff as higher interest rates cast doubt on how much the housing market will improve. Wells Fargo plans more than 2,300 job cuts and New York-based JPMorgan may dismiss 15,000 by 2014. 
  
 JPMorgan rose 1.5 percent at 10:16 a.m. in New York trading, Wells Fargo climbed 1.3 percent and Bank of America advanced 1.1 percent. 
  
 ‘Market Realities’ 
  
 About 1,500 of the Bank of America workers set for termination helped process home loans, said one of the people, who asked not to be named because, while affected employees were notified Aug. 29, the scope of the plans hadn’t been publicly announced. About 400 worked in a suburban Cleveland call center, and 200 dealt with overdue mortgages, the person said. 
  
 The changes “reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities,” said Terry Francisco, a spokesman for the bank. 
  
 The lender targeted three offices in California as well as locations in Virginia, Washington, Texas and Ohio, said the people, who cited the company's discussions with employees last month. Some will be offered work elsewhere in the firm, the people said. Bank of America’s staff totaled more than 257,000 at mid-year. 
  
 Shuttering Units 
  
 Chief Executive Officer Brian T. Moynihan, 53, is again scaling back operations gained in the 2008 takeover of Countrywide, once the biggest U.S. mortgage lender. After shuttering reverse-mortgage and correspondent-lending units in 2011, the firm targeted smaller ex-Countrywide offices to close or consolidate, said one of the people. 
  
 Regulators and lawmakers blamed Countrywide for lax standards and predatory lending that contributed to the housing bubble and collapse, which has cost Bank of America more than $45 billion. Countrywide was acquired under Moynihan’s predecessor, Kenneth Lewis. 
  
 “We’re pretty much through the refi boom, and we don’t know yet what the purchase business will look like,” said Nancy Bush, founder of NAB Research LLC, a bank research firm in New Jersey. “Countrywide was everywhere, so Bank of America’s particular challenge is to go from this hot-mess mortgage company to a rational one.” 
  
 The cuts will leave about 25 mortgage offices, said one of the people. The suburban Cleveland site, which had 1,000 employees, lost the most people, said the person. That part of the reduction was reported last month by the Plain Dealer. 
  
 Most of the dismissals are in addition to the 30,000 announced in 2011 as part of Project New BAC, Moynihan’s plan to reduce expenses, one of the people said. 
  
 To contact the reporters on this story: Hugh Son in New York at hson1@bloomberg.net; Dakin Campbell in New York at dcampbell27@bloomberg.net 
  
 To contact the editors responsible for this story: Christine Harper at charper@bloomberg.net; David Scheer at dscheer@bloomberg.net ||||| Alcoa Inc., Hewlett-Packard Co. and Bank of America Corp. will be dropped from the Dow Jones Industrial Average next week, in the biggest shake-up of the 30-stock index in almost a decade. 
  
 Alcoa, a Dow component for 54 years, will be replaced by athletic-gear maker Nike Inc. Payments company Visa Inc. will replace H-P, which joined the index in 1997, and securities firm Goldman Sachs Group Inc. will supplant Bank of America, which spent five years in the blue-chip benchmark. 
  
 The Dow undergoes major overhaul as it drops Alcoa, Hewlett-Packard, and Bank of America, and adds Goldman Sachs, Nike and Visa. This change marks the biggest DJIA change in decades. David Blitzer, managing director and chairman of the Index Committee S&P; Dow Jones Indices, joins MoneyBeat. 
  
 The Dow's Ins and Outs Changes since the late 1980s. View Graphics 
  
 For the new entrants, "it would be very hard to argue that these are three companies not worthy of inclusion," said Dan Greenhaus, chief global strategist at New York brokerage BTIG LLC. "It's a positive development in the sense that you're trying to make the index better with each passing day." 
  
 "When you go out to the bar at night, or you go home and you say 'What did the stock market do today?' the majority of people will go, 'Oh, the Dow was up 50 points, or the Dow jumped 300 points,'" Mr. Greenhaus said. "It's the number that most people, when they think of the stock market, refer to." 
  
 The changes, which will take effect with the close of trading on Sept. 20, "were prompted by the low stock price of the three companies slated for removal and the Index Committee's desire to diversify the sector and industry group representation of the index," S&P Dow Jones Indices LLC, the company that oversees the Dow, said in a statement. 
  
 Chris Dieterich joins the News Hub with a look at today's market action, including breaking news about the biggest change to the Dow 30 composition in a decade. 
  
 S&P Dow Jones Indices is a unit of McGraw Hill Financial Inc. CME Group Inc. and Dow Jones & Co., a unit of News Corp that publishes The Wall Street Journal, own stakes in S&P Dow Jones Indices. 
  
 While their performance has been mixed this year—H-P is up more than 50%, while Alcoa is down about 7%—all three departing stocks have underperformed the broader stock market in recent years. Shares of New York aluminum maker Alcoa closed Monday at $8.06, down from $40 as recently as 2007. H-P, the Palo Alto, Calif., computer maker, ended at $22.27, down from $50 in 2010. Bank of America of Charlotte, N.C., finished at $14.61, down from $50 in 2007. 
  
 Goldman Sachs shares rose 3.5%, while Visa gained 3.4% and Nike added 2.2%. Alcoa's shares slipped 0.3%, while H-P dropped 0.4%. Bank of America rose 0.9%. 
  
 "We are pleased to join this historic and significant market benchmark, and remain dedicated to delivering value for our shareholders as a member of the Dow 30," a Goldman Sachs spokesman said. 
  
 In a statement, Alcoa said: "The composition of the Dow Jones Industrial Average has no impact on Alcoa's ability to successfully execute our strategy, and we remain focused on delivering shareholder value. 
  
 "This decision has no impact on our business or our strategy for providing solid returns to shareholders," Bank of America said in a statement. 
  
 A Visa spokesman didn't have an immediate comment. Representatives for H-P and Nike couldn't be reached for comment. 
  
 S&P Dow Jones said the moves won't have any effect on the level of the index, which finished Tuesday at 15191.06. 
  
 The Dow is a price-weighted measure, meaning the bigger the stock price, the larger the sway for a particular component, and vice versa. That is different from indexes such as the Standard & Poor's 500, which are weighted by components' market capitalizations. 
  
 David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said the methodology for calculating the Dow allows for the companies to exit and enter without affecting the measure's level. The value following the moves will be "100% dependent on what the market does and not on these changes," Mr. Blitzer said on a conference call. 
  
 While a big change for the Dow industrials, observers say the impact on the individual stocks should be limited. That is because unlike other well-known indexes, such as the S&P 500 or the Russell 2000, relatively few index-tracking investment products follow the Dow and will need to buy or sell shares based on the changes. 
  
 "Despite the popularity of the Dow Jones Industrial Average in the press, it's a lot less significant than an add to the Russell 2000 or an add to the S&P 500, because it's just not an index that institutions benchmark to," said Phil Mackintosh, global head of trading strategy at Credit Suisse Group AG. 
  
 The Dow move is the biggest since April 2004, when American International Group Inc., Pfizer Inc. and Verizon Communications Inc. replaced AT&T Inc., Eastman Kodak Co. and International Paper Co. Numerous changes have taken place since. A year ago, insurer UnitedHealth Group Inc. replaced Kraft Foods Inc., as the global snacks company moved toward a spinoff of its North American grocery business. The committee that determines the blue-chip average's makeup said Kraft's reduced size made it unfit. 
  
 In June 2009, Citigroup Inc. was replaced by insurer Travelers Cos., and General Motors Corp. was supplanted by networking company Cisco Systems Inc. 
  
 Citigroup was recovering with U.S. government assistance from a brush with death during the financial crisis, and General Motors had just filed for bankruptcy. A successor company, General Motors Co., emerged from bankruptcy the next month. 
  
 In September 2008, Kraft Foods joined the Dow, replacing AIG following the government's decision to take a 79.9% stake in the insurance heavyweight. That February, Bank of America and Chevron Corp. had replaced Altria Group Inc., formerly known as Philip Morris Cos., and Honeywell International Inc. 
  
 —Andrew R. Johnson contributed to this article. 
  
 Corrections & Amplifications 
  
 The Dow Jones Industrial Average closed Tuesday at 15191.06, leaving it up 16% for the year to date. An earlier version of this article gave an incorrect closing figure and year-to-date performance data. 
  
 Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com 
  
 A version of this article appeared September 11, 2013, on page C1 in the U.S. edition of The Wall Street Journal, with the headline: Reshuffle of DJIA Adds Nike,Visa and Goldman. |||||
A:
The Dow Jones Industrial Average is ditching Hewlett-Packard, Bank of America, and Alcoa, it announced today, in what the Wall Street Journal is calling "the biggest shake-up of the 30-stock index in almost a decade." The Dow will add Nike, Visa, and Goldman Sachs to replace the three departing companies. The swaps "were prompted by the low stock price of the three companies," the company that manages the Dow said in a statement, along with "the Index Committee's desire to diversify" the index. The Dow said the swap won't actually affect its current level—which, at 15063.12 is just off the all-time high it hit in August. The Dow is price-weighted, meaning components with higher share prices affect it more. The move comes on the same day as a Bloomberg report that Bank of America is planning on cutting 2,100 jobs and closing 16 offices.