Coinbase jumps 24% on S&P 500 inclusion, biggest gain since post-election pop

Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023. Coinbase shares soared 24% on Tuesday, their sharpest rally since the day after President Donald Trump's election victory, following the crypto exchange's inclusion in the S&P 500. S&P Global said in a release late Monday that Coinbase is replacing Discover Financial Services, which is in the process of being acquired by Capital One Financial . The change will take effect before trading on Monday. Stocks added to the S&P 500 often rise in value because funds that track the benchmark will add it to their portfolios. For Coinbase, it's the latest sharp move in what's been a volatile few months since Trump was elected to return to the White House. Coinbase shares rocketed 31% on Nov. 6, the day after the election, on optimism that the incoming administration would adopt more crypto-friendly policies following a challenging and litigious f ... Read full article.