FMC Technologies To Join S&P 500, Shares Rise

NEW YORK (AP) — Shares of FMC Technologies Inc. climbed in Friday morning trading, the day after Standard & Poor's said it will add the oil drilling equipment manufacturer to the S&P 500 index on June 4.

FMC Technologies saw its shares gain $2.24, or 5.6 percent, to $41.11.

Shares of companies added to the S&P 500 often rise, since many investment portfolios are linked to the index. FMC will replace Covidien Inc., which will be ineligible for the index after it redomesticates to Ireland.