Why Palantir Technologies Stock Rallied on Monday
The company just leveled up.
Palantir Technologies (NASDAQ: PLTR) stock charged higher on Monday, climbing as much as 7.1%. As of 2:03 p.m. ET, the stock was still up 5%.
The catalyst that sent the artificial intelligence (AI) software and data mining specialist higher was its addition to an elite group of stocks.
The S&P 500 (SNPINDEX: ^GSPC) is the most widely acknowledged benchmark for the U.S. stock market, consisting of the 500 biggest companies in the country. The S&P 100 is a subset of those stocks, made up of the 100 largest companies in the index. Palantir joined the ranks of this elite group on Monday to coincide with indexes' quarterly rebalancing.
