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Block Inc (NYSE:XYZ) shares are moving higher Monday after the company was selected to join the S&P 500.
What Happened: S&P Dow Jones Indices announced that Block will replace Hess Corp (NYSE:HES) in the S&P 500, effective prior to the market open on Wednesday.
The index adjustment comes after Chevron acquired Hess corp in a deal that closed last week.
“It’s a milestone that reflects the strength of our business and the work of thousands of people building tools to increase access to the economy, across our brands including Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey,” the company said following the announcement.
Baird analyst David Koning maintained Block with an Outperform rating on Monday and raised the price target from $76 to $84.
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Block's case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
XYZ Price Action: Block shares were up 7.09% at $77.99 at the time of publication Monday, according to Benzinga Pro.
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