AvalonBay to Join S&P 500

AvalonBay Communities(AVB Quote) will replace Symbol Tech(SBL Quote) in the S&P 500 Index on a date to be announced.

S&P announced that Symbol is being acquired by Motorola(MOT Quote) in a deal still pending final approval.

Shares of AvalonBay rose $2.89, or 2.2%, to $131.64 in after-hours trading.