Blackstone (BXMT.US) and Airbnb (ABNB.US) surged on Tuesday after it was announced that both companies will be joining the S&P 500 index, effective September 18. Blackstone, which will replace Lincoln National, saw its stock rise by as much as 5.0%, while Airbnb, replacing Newell Brands, enjoyed a gain of up to 8.3%.
Analysts view Blackstone's inclusion as a major milestone, marking the first time a listed alternative asset manager has joined the S&P 500, which could broaden the investor base and lead to a re-rating of the company and the sector at large. The inclusion of both companies in the index is considered a significant positive catalyst, reinforcing the willingness of the S&P index committee to make impactful changes during rebalances.
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Airbnb stock price experienced a rapid surge following the announcement. Company shares have been on an upward trendline since the beginning of this year. Recently shares bounced from the $123 support level, and the price is now approaching a $145 resistance level.
Source: xStation 5
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