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S&P Add Sweet for Celgene

The stock rises 6% after the biotech is picked for the S&P 500.
Author:

Word that Standard & Poor's will add

Celgene

(CELG) - Get Celgene Corporation Report

to its

S&P 500

index was lifting the biotech company's stock Tuesday.

Lately, Celgene was up 6% to $52.80. Shares of companies added to the S&P 500 often rise because fund managers who track the index have to own the stock.

Celgene is set to replace

AmSouth Bancorp

TheStreet Recommends

(ASO)

, which is being acquired by

Regions Financial

(RF) - Get Regions Financial Corporation Report

in a deal expected to close by Nov. 6.

Regions, in turn, will supplant

RadioShack

(RSH)

in the S&P 100, Standard & Poor's said Monday.

RadioShack, with a market capitalization of about $2.4 billion, ranked 100th in the S&P 100 as of the previous close of trading. The moves will occur after the close of trading Nov. 3.