Shares of Robinhood Markets (NASDAQ: HOOD) jumped 13.6% this week, outperforming the S&P 500 and Nasdaq-100. The company will join the S&P 500 index on Sept. 22, replacing Caesars Entertainment. The move is expected to generate immediate buying pressure as fund managers align their holdings with the index.

Robinhood’s inclusion in the S&P 500 validates the company and is likely to attract more institutional interest. Despite a high stock premium, the company’s innovative product offerings have boosted revenue in quiet trading markets. This move underscores Robinhood’s impact on retail trading and its potential for success in the future.

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Read more at Yahoo Finance: Why Did Robinhood Stock (HOOD) Jump This Week?