Why Palantir Technologies Stock Rallied on Monday
Palantir Technologies (NASDAQ: PLTR) stock charged higher on Monday, climbing as much as 7.1%. As of 2:03 p.m. ET, the stock was still up 5%.
The catalyst that sent the artificial intelligence (AI) software and data mining specialist higher was its addition to an elite group of stocks.
The S&P 500 (SNPINDEX: ^GSPC) is the most widely acknowledged benchmark for the U.S. stock market, consisting of the 500 biggest companies in the country. The S&P 100 is a subset of those stocks, made up of the 100 largest companies in the index. Palantir joined the ranks of this elite group on Monday to coincide with indexes' quarterly rebalancing.
Source Fool.com
