Tesla shares jumped after the electric car company was tapped to be added to the S&P 500
NEW YORK – Elon Musk’s rising electric car powerhouse Tesla reached another landmark Monday when it officially qualified for the prestigious S&P 500.
The California-based automaker will join the broad-based market index on December 21, S&P Dow Jones Indices announced Monday, prompting another wave of affection for Tesla stock.
Shares surged 11.5 percent to $455.00 in after-hours trading. The stock has more than quadrupled this year as Tesla has built and delivered more electric autos, and Musk has wowed Wall Street with targets for further breakthroughs.
The announcement marks Tesla’s arrival as a consistently profitable company after building up losses in its first nine years as a public company. Tesla has reported…
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