Jack Dorsey’s Block Rockets 10%—Here’s Why the S&P 500 Addition Could Be Your Next Big Play
Block Inc. is set to join the S&P 500, replacing Hess Corp, according to an announcement from S&P Dow Jones Indices. The change will take effect before markets open on Wednesday, July 23.
Block shares rose more than 10% in extended trading Friday after the index addition was made public.
Formerly known as Square, Block was co-founded by Jack Dorsey and is best known for its suite of payment products including Cash App, Square point-of-sale systems, and its Bitcoin-related business segments. The company has positioned itself as a multi-faceted financial platform, catering to both retail users and merchants.
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