New YorkReddit rose 11% on an index committee’s decision alone.
Funds tracking the S&P 500 must now buy shares regardless of what they think the company is worth.
JPMorgan estimates trackers need roughly 16.7 million shares, nearly triple Reddit’s typical daily volume.
Reddit joins the index Aug. 18, replacing AvalonBay Communities.
Sources: Aol, Investing.com, CNBC