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Tesla Inc. stock has ended the era of the pre-S&P 500 index with a final rally and a lot of investor interest.
Tesla TSLA,
rose 6% to close at a record $ 695 on Friday, reversing price from earlier in the day and gathering most of its steam in the final moments of trading.
Nearly 200 million shares were traded in the hands, Tesla’s fifth volume on record and its highest since early February. The stock was the best performing and most active of the Nasdaq 100. NDX,
The S&P 500 Index, which Tesla will soon join, ended down 13.07 points, or 0.35%. Tesla shares fell in the extended session on Friday, down 2% at last check.
Related: Buy Tesla shares? Here’s what an analyst says before the addition of the S&P 500
On Monday, Tesla shares start trading on the S&P SPX,
a seal of approval that will place the stock in countless index and actively managed funds, which will need to follow suit to balance their portfolios.
The S&P index manager announced the inclusion of Tesla on November 16, after snubbing the company during an earlier rebalance.
Highlighting the complexity of adding the company, S&P Dow Jones Indices consulted with investors on how to proceed, ultimately deciding to add Tesla at the same time.
Since announcing the addition of S&P, Tesla has added $ 271.96 billion in market value, which is higher than Toyota Motor Co.’s market capitalization, currently around $ 213 billion.
In fact, this jump in valuation since the November announcement concerns where Tesla was valued in mid-July and exceeds the market value of 483 S&P 500 companies, or nearly 97% of the companies in the index. .
The stock is up 731% so far this year, compared to gains of around 15% for the S&P.
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