Why Is Robinhood Markets Stock (HOOD) Skyrocketing Today?

Shares of Robinhood Markets (NASDAQ: HOOD) are rising on Monday, up 13.5% as of 1:53 p.m. ET. The jump comes as the S&P 500 and the Nasdaq Composite have gained 0.1% and 0.5%, respectively.The trading platform's stock is flying after its addition to the S&P 500 was officially announced.The company will officially join the S&P 500 index, effective before trading opens on Sept. 22, replacing Caesars Entertainment. The index regularly rebalances, adding and dropping companies. Stocks that get added usually get a boost on the news of their inclusion in the major index -- fund managers buy shares to match the index, creating a quick demand spike. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool