2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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MELBOURNE, Fla. - Harris Corp., which makes communications equipment for the U.S. government and broadcasters and aerospace companies, said Monday that its stock has been added to the S&P 500.
The move incorporates the Melbourne, Fla.-based company's shares into one of the most closely watched indices of U.S. stocks. The S&P 500 is often viewed as a measurement of the health of the U.S. economy and the strength of its biggest stocks.
The addition went into effect at the end of trading on Friday.
The move means that many mutual funds and other money managers will have to buy Harris' stock if their funds are tied to the S&P 500. Many investment houses buy the same shares in the index because of its positive performance over the years.
The addition often leads to a boost to the company's stock price, but Harris' shares declined 54 cents, or 1.1 percent, to $47.47 in midday trading Monday.
Harris' stock took the place of Lehman Brothers Holdings Inc., which was removed from the index after the investment bank filed for bankruptcy last week.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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