SAN FRANCISCO, California: Shares of DoorDash, Williams-Sonoma, Expand Energy, and TKO Group surged in extended trading on March 7 following the announcement that they will be added to the S&P 500 index.
The four companies will officially join Wall Street's most closely watched stock benchmark before the start of trading on March 24, according to a statement from S&P Dow Jones Indices.
Following the news, DoorDash shares jumped 7.5 percent, Williams-Sonoma rose 2.4 percent, Expand Energy gained 1.5 percent, and TKO Group climbed 2.6 percent.
They will replace BorgWarner Inc., Teleflex Inc., Celanese Corp., and FMC Corp. in the index.
The inclusion of these companies in the S&P 500 means that index funds tracking the benchmark will need to purchase their shares to reflect the updated composition, potentially driving further demand.
