Robinhood Surges Over 15% After Securing Coveted Spot In Benchmark Index

Benzinga

Robinhood shares surged more than 15% on Monday after S&P Global said it will add the brokerage to the S&P 500, according to CNBC. S&P Global announced that Robinhood will replace Caesars Entertainment in the S&P 500 before trading begins on September 22. Robinhood’s addition to the S&P 500 comes after months of speculation on Wall Street about its eligibility. Companies pursue inclusion because it often sparks billions in trading as passive funds buy shares. Robinhood shares dipped in June after missing the last S\&P 500 reshuffle, though CEO Vlad Tenev expressed cautious optimism about future inclusion. The decline was brief, with the stock now up over 210% year to date and maintaining strong gains since its 2021 IPO despite a 2022 market sell-off.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Robinhood shares surged more than 15% on Monday after SP Global said it will add the brokerage to the SP500, according to CNBC.

00:10SP Global announced that Robinhood will replace Caesars Entertainment in the SP500 before trading begins on September 22nd.

00:16Robinhood's addition to the SP500 comes after months of speculation on Wall Street about its eligibility.

00:22Companies pursue inclusion because it often sparks billions in trading as passive funds by shares.

00:26Robinhood shares dipped in June after missing the last SP500 reshuffle, though CEO Vlad Tenev expressed cautious optimism about future inclusion.

00:35The decline was brief with the stock now up over 210% year-to-date, maintaining strong gains since its 2021 IPO.

00:43As part of 2022, Mark and Sell-Off.

00:45For all things money, visit Benzinga.com.

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