Block created by Jack Dorsey…Added to S&P 500

Operates payment services…up 7%

The American fintech company Block saw its stock price surge after being newly added to the S&P 500 index.

On the 21st (local time) at the New York Stock Exchange, Block closed at $78.08, up 7.22% from the previous trading day. Block’s stock price has risen 22.73% in the past month. Analysis suggests that investors are flocking to the company as Block is set to be officially included in the S&P 500 index before the opening on the 23rd, replacing the energy firm Hess. Hess was removed from the index after its acquisition by the U.S. energy company Chevron.

Block, established in 2009 by Twitter co-founder Jack Dorsey, was first known as 'Square,' a firm that manufactures payment terminal systems for small businesses. It has since diversified its business into areas such as cryptocurrency and lending. In 2021, the company changed its name to Block, focusing on its blockchain operations. With Block’s addition to the S&P 500, the increase in index fund buying could push the stock price even higher.

Donghyeon Kim, Reporter 3code@hankyung.com