AvalonBay Being Added to S&P 500

AvalonBay Communities is being added to the S&P 500 Index on a date that will be announced, according to Standard & Poor's.The Alexandria, Va.-based multifamily real estate investment trust was previously a component of the S&P REIT Composite index. The REIT is replacing Symbol Technologies, a company that is being acquired by Motorola, S&P said. AvalonBay will be added to the S&P 500's residential REITs subindustry index.