Uber to join the S&P 500

Popular rideshare application Uber is set to join the S&P 500, S&P Dow Jones Indices announced Friday.

The company is slated to replace Sealed Air Corp’s slot on the index.

According to the press release, Uber won’t officially join the S&P 500 until Dec. 18.

Uber shares traded 2% higher on Monday as a result of the news.