NEW YORK (AP) -- Shares of Crown Castle International Corp. jumped Thursday after Standard & Poor's said that the company will be added to the S&P 500 index.
S&P had said late Wednesday that Crown Castle, a wireless infrastructure company, will replace Constellation Energy Group Inc. in the index. Constellation is set to be acquired by Exelon Corp., pending final approvals.
The date of Crown Castle's addition to the S&P 500 was not announced.
Stocks often jump when they are added to a major stock market index. Investment funds that mirror the index's performance must hold the stock, adding to demand.
Crown Castle, based in Houston, owns, operates and leases wireless towers and antennas. It will be part of the S&P 500's Telecommunication Services industry group and its Wireless Telecommunication Services sub-industry index.
Constellation and Exelon are energy utilities based in Baltimore and Chicago, respectively.
Shares of Crown Castle rose $1.26, or 2.4 percent, to $53.86 in midday trading.