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Why Reddit Stock Just Gained 10.7%

TheMotleyFool

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Why Reddit Stock Just Gained 10.7%: https://g.foolcdn.com/editorial/images/883710/reddit.png

Reddit, Inc. (NYSE: RDDT) stock was up 10.7% as of 2:22 p.m. ET today while the S 500 and Nasdaq Composite were down 0.2% and 0.4%, respectively.

Shares of the social media company are flying after it was announced that Reddit would join the S 500.

S Dow Jones indexes said after the close on Thursday that Reddit will replace AvalonBay Communities in the S 500 before the market opens on Aug. 18. AvalonBay was just acquired by Equity Residential, freeing a slot in the index outside the usual rebalancing schedule.

Source Fool.com