Reddit Added to S&P 500, Shares Rise 11% After Hours, Replacing AvalonBay Communities
Reddit shares jumped 11% in after-hours trading on Thursday following news that the social media platform will be added to the S&P 500 index. S&P Dow Jones Indices said Reddit will join the benchmark index on August 18, taking the place of AvalonBay Communities Inc. The announcement, made after the market close, drove the sharp move in the stock.
Reddit shares rose 11% in after-hours trading on Thursday after the company was selected for inclusion in the S&P 500 index. According to an announcement by S&P Dow Jones Indices, the social media company will join the S&P 500 on August 18, replacing AvalonBay Communities Inc.