Why Airbnb Stock Is Rising Tuesday

Airbnb Inc ABNB shares are trading higher Tuesday after it was announced the company will be added to the S&P 500.

What To Know: As part of its quarterly rebalance, the S&P Dow Jones Indices will add Airbnb and Blackstone to the S&P 500, replacing Lincoln National and Newell Brands. The changes will become effective prior to the open of trading on Sept. 18.

Airbnb shares are up more than 55% year-to-date. The company last reported earnings at the beginning of August, beating expectations on both the top and bottom line. Airbnb also issued strong third-quarter guidance and said guests are booking more often and staying longer. 

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ABNB Price Action: Airbnb shares were up 6.29% at $141.04 at the time of publication, according to Benzinga Pro.

Photo: Open Grid Scheduler from Flickr.