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Key Points
  • Block is joining the S&P 500, replacing Hess as of July 23.
  • Hess is exiting the index upon its acquisition by Chevron.

Block shares jumped more than 10% in extended trading on Friday, as the fintech company get set to join the S&P 500, replacing Hess.

It's the second change to the benchmark this week, after S&P Global announced on Monday that ad-tech firm The Trade Desk would be added to the S&P 500. Trade Desk is taking the place of software maker Ansys, which was acquired by Synopsys in a deal that closed on Thursday.

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