American Airlines has also recently jumped after a it was announced that the airliner would replace Allergan in the S&P 500, reports Terry Maxon for Dallas News. JPMorgan airline analyst Jamie Baker argued that the addition of American Airlines to the index could raise demand for the stock, especially from index funds that mimic the S&P 500.
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own shares of IYT.