Blackstone Shares Are Moving Higher Today: Here's Why
Portfolio Pulse from Adam Eckert
Blackstone Inc (BX) shares are trading higher after the announcement that the company will be added to the S&P 500. The S&P Dow Jones Indices will also add Airbnb and remove Lincoln National and Newell Brands as part of its quarterly rebalance. The changes will become effective prior to the open of trading on Sept. 18. Blackstone shares are up more than 22% over the last three months.
September 05, 2023 | 1:48 pm
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Blackstone's inclusion in the S&P 500 is likely to increase demand for its shares, as funds that track the index will need to buy the stock. This could potentially drive the stock price higher in the short term.
Inclusion in a major index like the S&P 500 often leads to increased demand for a company's shares, as funds that track the index will need to buy the stock. This increased demand can drive the stock price higher. Additionally, Blackstone's recent performance and positive analyst ratings could also contribute to a positive short-term impact on the stock price.
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