Moderna gets the ultimate Wall Street validation: It's being added to the S&P 500
CNN
Moderna, the biotech that became a household name with its Covid-19 vaccine, is getting the ultimate Wall Street validation: It's being added to the S&P 500 index.
S&P made the announcement late Thursday, and shares of Moderna (MRNA) surged 10% Friday morning on the news. The stock is now up nearly 175% this year, giving Moderna a market valuation of more than $100 billion. Moderna's addition to the S&P 500 means that the scores of passively managed mutual funds and exchange-traded funds that mirror the S&P 500 will need to add the company's stock to their portfolios. That's a key reason that the stock was popping Friday.
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