Reddit surges on S&P 500 inclusion, set to replace AvalonBay

Aug 14 : Reddit shares jumped more than 11 per cent on Friday after the S&P Dow Jones Indices said the social media platform would join the benchmark S&P 500 index, replacing AvalonBay Communities.Analysts at J.P. Morgan estimate index funds tracking the S&P 500 would need to buy 16.7 million Reddit shares.