I mentioned that AOL will be added to SP 500 ,, 2 weeks ago ,,
AOL is up 21 points after hours ,,
AOL to replace the old Woolworth's in S&P500
NEW YORK, Dec 22 (Reuters) - America Online Inc. <AOL.N>, the world's largest Internet services provider, was added to the benchmark blue chip Standard & Poor's 500 Index, replacing Venator Corp. <Z.N>, formerly Woolworth's.
Getting added to the S&P 500 index <.SPX> generally means strong demand for a stock because index funds, which seek to mimic the performance of the widely followed S&P 500, must buy into the stock to match the returns of the index.
AOL shares closed up sharply on Tuesday, jumping $6.1875 to $122.875 and hitting a new high during the day of $124.375.
America Online was the 52nd largest stock on the New York Stock Exchange according to tallies by the NYSE at the end of November, with a market capitalization of $40.09 billion.
The change will give the S&P 500 Index more of a technology edge as it sheds Venator, which sold off its historic chain of Woolworth's five-and-dime stores and its landmark Woolworth building in New York to focus on the footwear business.
Venator is the parent of Foot Locker, Champs and other stores. Its shares closed down nearly 19 cents at $6.8125.
18:25 12-22-98
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