Blackstone stock jumps after being added to the S&P 500 index

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get added to

Standard & Poor’s 500
It’s a big deal. For proof, look no further than Blackstone Stock.

Standard & Poor’s Dow Jones Indexes Announced after Friday Close that Blackstone will replace Lincoln National in the S&P 500 index on September 18. It’s been a long time. In April, the index provider announced that it would allow companies with multiple stock classes to be part of its benchmark, mirroring a rule that went into effect in 2017 (companies such as

the alphabet

(Google),

Berkshire Hathaway

(BRK.B), and

Meta platforms

(META) to stay in the index).

Blackstone jumped 4.9% on the day of the announcement, as many assumed it would be the next company to join the index. But it fell in May, when it was passed in favor

Exxon Foundation

(AXON), maker of electro-shock devices, then again in June, when

Palo Alto Networks

(PANW) entered instead.

This time, Blackstone received a call to take her place

Lincoln National

(LNC), and its stock reacted just as you might imagine, up 3.8%. Logical. Every ETF or index fund that tracks the index would have to buy it, and every active manager measured in the index would have to consider buying it. The same applies to

Airbnb

(ABNB), whose stock rose 5% after it was tapped to replace it

Newell Brands

(NWL) in the index.

If you are a stockist, this is the club you want to join.

Write to Ben Levisohn at [email protected]