Robinhood shares soar 14% after getting long sought addition to S&P 500

Core Points - S&P Global announced that Robinhood will replace Caesars Entertainment in the S&P 500 index, effective before trading begins on September 22 [1] - Following the announcement, Robinhood's shares surged over 14% in midday trading, marking its best day since early April if the gains hold [1] - Robinhood's inclusion in the S&P 500 comes after months of speculation and is expected to drive significant trading volume as passive funds typically buy large quantities of shares post-inclusion [2] Company Performance - Robinhood's stock has increased more than 210% year-to-date, despite a drop during the 2022 market sell-off, and has shown a strong recovery since its public debut in 2021 [3] - The stock experienced a temporary decline in June when it was not included in the last index reshuffling, but the outlook remained optimistic according to CEO Vlad Tenev [3] Market Reactions - AppLovin, which will also be added to the S&P 500, saw its shares jump over 10% on the same day as the announcement [4] - Shares of Caesars Entertainment and MarketAxess Holdings, which are being removed from the index, both experienced declines in trading [4]