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Tesla Inc. aficionados celebrated last week that the electric car maker was accepted into the S&P 500, propelling its shares up 22% in two days.
Take a step back from the extraordinary gains, and the fact that the seventh-largest US company by market value is only now admitted to the index of the country’s 500 most valuable stocks is strange. But this is only the most obvious of the many weird, yet moving stock prices, to index booming markets. Indices play two important but often contradictory roles: they measure large …
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