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Reddit Gains 12% by Joining the S&P 500
This article first appeared on GuruFocus. Reddit (NYSE:RDDT) rose 12.22% premarket after S&P Dow Jones Indices said the company will join the S&P 500 on August 18, replacing AvalonBay Communities (AVB). Stocks often climb on index inclusion because fund managers tracking the benchmark have to buy shares to match the changes. Reddit posted its eighth consecutive quarter of …