Estimated read time: Less than a minute
NEW YORK (AP) - Facebook will join the Standard & Poor's 500 stock index, replacing technology supplier Teradyne Inc., while Abercrombie & Fitch is downgraded from the benchmark index.
S&P Dow Jones Indices on Wednesday announced a broader reshuffling of several of its market trackers, effective after the close of trading Dec. 20.
Shares of Menlo Park, Calif.-based Facebook Inc. have surged 86 percent this year and picked up nearly 4 percent in after-hours trading. The company is also joining the S&P 100 index.
Abercrombie & Fitch Co. stock is down 31 percent in 2013 as teen retailers fade in popularity. It's being moved down to an index for companies with smaller market values, the S&P MidCap 400. The New Albany, Ohio-based company's stock shed almost 2 percent in extended trading.