Why Reddit Stock Just Gained 10.7%
Reddit is joining the big leagues with its S&P 500 inclusion.
Overview
Reddit, Inc. (NYSE: RDDT) stock was up 10.7% as of 2:22 p.m. ET today while the S&P 500 and Nasdaq Composite were down 0.2% and 0.4%, respectively.
Shares of the social media company are flying after it was announced that Reddit would join the S&P 500.
S&P Dow Jones indexes said after the close on Thursday that Reddit will replace AvalonBay Communities in the S&P 500 before the market opens on Aug. 18. AvalonBay was just acquired by Equity Residential, freeing a slot in the index outside the usual rebalancing schedule.
Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.