Why Arch Capital Group Shares Are Popping Off Friday Following Elon Musk's Twitter Acquisition

Arch Capital Group Ltd. ACGL shares are trading higher by 10.01% to $56.86 going into the close of Friday's trading session after it was announced the company is set to join the S&P 500.

Additionally, RBC Capital analyst Mark Dwelle maintained Arch Capital Group with an Outperform and raised the price target from $57 to $60.

What Happened?

Arch Capital Group will replace Twitter Inc. in the S&P 500 effective prior to the opening of trading on Tuesday, November 1. Elon Musk acquired Twitter in a transaction that closed on Friday, October 28.

Arch Capital Group is a Bermuda company which writes insurance and reinsurance.

According to data from Benzinga Pro, Arch Capital Group has a 52-week high of $56.99 and a 52-week low of $40.24.