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Robinhood shares surged after S&P Global said it would add the online brokerage to the S&P 500 , ending months of speculation about its inclusion.

Shares jumped more than 15% in midday trading on Monday. That marked the stock's biggest one-day gain since early April and third-best session in the last year.

S&P Global said Friday that Robinhood will replace Caesars Entertainment in the stalwart U.S. market index. The change will take place before the beginning of trading on Sept 22. Stock Chart Icon Stock chart icon

Robinhood, 1-day

Robinhood's inclusion follows several months of chatter on Wall Street about whether the company could earn a spot in the benchmark average.

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