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Ride-hailing company Uber Technologies will join the S&P 500 this month, S&P Dow Jones Indices said late Friday.
Companies must meet a range of criteria to be included in the widely tracked benchmark, which has trillions of dollars of assets tracking it.
Being included in the index can set off a flurry of buying activity as passive and active index funds that track the index adjust their portfolios to make room for it. It can also be a badge of honor for companies to be included.
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