Commerce Bancorp Joins S&P 500
Standard & Poor's will put
Commerce Bancorp
(CBH) - Get Virtus AllianzGI Convertible & Income 2024 Target Term Fund of Beneficial Interest Report
in the
S&P 500
after the close of trading Monday, replacing
Engelhard
(EC) - Get Ecopetrol S.A. American Depositary Shares Report
, which is being acquired.
Commerce was gaining $1.17, or 3%, to $40.46. Standard & Poor's said after the close Wednesday that it would make the change in its most widely followed index.
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When companies are added to an index like the S&P 500, their shares tend to rise because mutual funds whose composition tracks the index have to buy the stock.
S&P SmallCap 600 constituent
Reliance Steel & Aluminum
(RS) - Get Reliance Steel & Aluminum Co. (DE) Report
will fill Commerce Bancorp's spot in the S&P MidCap 400.
Stamps.com
(STMP) - Get Stamps.com Inc. Report
will replace Reliance in the S&P SmallCap 600.
Engelhard is being acquired by Germany's
BASF
( BF). Commerce Bancorp operates banks in New Jersey, Pennsylvania, Connecticut, Delaware, New York and other areas. The company is based in Cherry Hill, N.J.
