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Apple Inc , the largest U.S. company by market value, will join the Dow Jones industrial average , replacing AT&T Inc , in a change that reflects the dominant position of the iPhone maker in the U.S. consumer economy. The decision to nudge aside AT&T, which has been part of the Dow for the better part of a century, is a recognition of how communications and technology have evolved. The action, by S&P Dow Jones Indices, had been widely expected since Apple split its shares seven-for-one in June of last year. The stock was added to the Dow in 1916, the year after the first-ever transcontinental telephone call.