A reshuffle within the influential Standard & Poor’s S&P 500 and S&P MidCap 400 Indices has resulted in the inclusion of three more technology companies, a mark of the continuing growth in size and market capitalization of the technology sector in the US. This week, business software vendor Peoplesoft Inc, and systems management software house, BMC Software Inc will both join the S&P 500 Index, while Intuit Inc, the provider of financial management software, will move into the S&P MidCap 400 Index. The inclusion of Peoplesoft and BMC result from vacancies left by mergers within the banking sector, while Intuit takes its place in the MidCap 400 after BMC’s promotion. A spokesperson for Standard & Poor’s Financial Information Services said that no particular significance could be attached to the run of technology companies being added to an already technology rich S&P 500, other than to acknowledge the Index’s continuing attempts to track the performance of the broader domestic economy. Currently an estimated $626bn of managed investment funds track the S&P 500 index and $20bn worth of funds are indexed to the S&P MidCap 400.
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