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Elizabeth H. Volk

Block Stock Spikes on S&P 500 Index Addition. Here’s What Traders Need to Know.

Block SP Jack Dorsey fintech Square

After Friday’s closing bell, S&P Global announced that Block Inc. (XYZ) will be added to the benchmark S&P 500 Index ($SPX) effective before the start of trading this Wednesday, July 23. Jack Dorsey-led Block joins the index following Chevron's (CVX) acquisition of Hess Corp., which was formally closed late last week. 

XYZ stock has spiked 9.8% in premarket trading this Monday morning, with investors eagerly anticipating a fresh wave of share purchases from fund managers and institutional investors as Block joins the S&P - and, by extension, its coterie of tracking ETFs. 

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