NEW YORK (AP) - Standard & Poor's said Thursday it is removing Bear Stearns Cos. from the S&P 500 Index because the investment bank is on the verge of selling itself JPMorgan Chase & Co.
With the blessing of the Federal Reserve, Bear Stearns agreed to sell itself to JPMorgan in March to stave off liquidation. The bank could not raise money or find trading partners amid rumors the company was going bankrupt.
The sale is expected to close by June 2.
Bear Stearns will be replaced by Intuitive Surgical Inc., a Sunnyvale, Calif.-based company that makes robotic surgical systems known as da Vinci.
The change takes effect May 30.
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