Standard & Poor's said late Monday that the move stems from Phelps Dodge's pending acquisition by
S&P 500 and Nasdaq Set Intraday Record Highs on Recovery Optimism
Stocks rise as jobless claims fall and durable goods orders climb at the fastest pace since the beginning of the year.
in a deal still pending final approval.
Shares of Host Hotels rose 4.3% in after-hours trading to $27.13; index funds that mirror the S&P 500 would be expected to buy the stock to align their holdings.