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Its by market value not by growth.  Those companies that were removed market value had fallen behind  and they did not represent they top 500 companies in terms of market value.  I would expect 2000 to have more changes.  Companies like JDSU should be added.  
From S&P

        MKT VALUE                               MKT VALUE      % OF       CUM.
   DATE   RANK  COMPANY                         ($ MIL)       INDEX     OF INDE
   ====== ===== ============================    =========    =======    =======
   9912    1    Microsoft Corp                   604,078       4.921     4.921
   9912    2    Genl Electric                    507,734       4.136     9.057
   9912    3    Cisco Systems                    366,481       2.985    12.042
9912    4    Wal-Mart Stores                  307,843       2.508    14.550
   9912    5    Exxon Mobil                      278,218       2.266    16.816
   9912    6    Intel Corp                       274,998       2.240    19.056
   9912    7    Lucent Technologies              234,982       1.914    20.971
   9912    8    Intl Bus. Machines               194,447       1.584    22.554
   9912    9    Citigroup Inc                    187,734       1.529    24.084
   9912   10    America Online                   169,606       1.382    25.465
It is tech heavy but they are growing.  And grow will grow faster during inflation periods.  Plus go look at the debt ratio of these companies.  Interest rate interest do nothing to MSFT, they have very little debt, Intc, lucent, are business to business companies. Your recession business invest in captial goods.  I see gasoline and bank in top 10 also.
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