Particle.news
Download on the App Store
33 ARTICLES
·
4w ago

Robinhood to Join S&P 500 on Sept. 22 as Shares Hit Records

The decision signals validation of a crypto‑driven profit rebound, spurring passive‑fund demand.

FILE - Electronic screens in New York's Times Square announce the Robinhood IPO, Thursday, July 29, 2021. AP Photo/Mark Lennihan, File)
Image
Image

Overview

  • S&P Dow Jones Indices said Robinhood will enter before the open on Sept. 22, replacing Caesars, with AppLovin and Emcor also added as MarketAxess, Caesars and Enphase are removed.
  • The announcement triggered a multi‑day surge, with HOOD up roughly 14%–15% on Monday and notching a new record closing high on Tuesday after fresh intraday peaks.
  • Index inclusion typically compels buying by funds that track the benchmark and increases visibility with institutional investors, a dynamic traders cite in the current rally.
  • CEO Vlad Tenev called the move an exciting milestone and emphasized continued focus on building products rather than celebrating.
  • Analyst reactions turned more bullish, including Bernstein raising its price target to $160 and pointing to momentum in crypto and options businesses.