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Block Joins S&P 500, Stock Surges 10% as Tech Weight Grows
Block Joins S&P 500, Stock Surges 10% as Tech Weight Grows
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BTCCSquare news:
Jack Dorsey's Block, formerly Square, has secured a spot in the S&P 500 following Chevron's acquisition of Hess. The fintech firm's inclusion accelerates the index's tech-sector dominance, now representing 45% of its total weight. Block shares jumped 10% on the news, despite underperforming major indices year-to-date.
The company's rebranding in 2021 reflected its blockchain ambitions, though the article mentions no specific cryptocurrency projects. Market analysts note the S&P 500's tech tilt continues reshaping traditional finance landscapes, with Block's $45 billion valuation now positioned above many legacy constituents.
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