(Reuters) – Shares of DoorDash, Williams-Sonoma, Expand Energy and TKO Group rose in extended trade on Friday after an announcement they would join the S&P 500. The four companies will join Wall Street’s most widely followed stock benchmark before the start of trading on Monday, March 24, S&P Dow Jones Indices said in a news […]
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DoorDash and Williams-Sonoma to join S&P 500; shares rally
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(Reuters) – Shares of DoorDash, Williams-Sonoma, Expand Energy and TKO Group rose in extended trade on Friday after an announcement they would join the S&P 500.
The four companies will join Wall Street’s most widely followed stock benchmark before the start of trading on Monday, March 24, S&P Dow Jones Indices said in a news release.
DoorDash jumped 7.5%, Williams-Sonoma rose 2.4%, Expand Energy added 1.5% and TKO Group gained 2.6%.
They will replace Borgwarner Inc, Teleflex Inc, Celanese Corp and FMC Corp.
Index funds that track the S&P 500 are among the most popular investment tools in the U.S. stock market, and those funds will have to purchase shares of the newly added companies in order to stay aligned with the benchmark’s composition.
(Reporting by Noel Randewich; Editing by Chizu Nomiyama)