Tesla Rallies as Investors Welcome All-at-Once S&P 500 Debut
- Money managers to adjust portfolios for $538 billion company
- Index provider had considered adding Tesla in two tranches
This article is for subscribers only.
Tesla Inc. climbed on Tuesday after S&P Dow Jones Indices said it will be added to the S&P 500 Index in one shot on Dec. 21, a move that will ripple through the entire market as money managers adjust their portfolios to make room for shares of the $538 billion company.
Investors in the electric vehicle maker welcomed the simpler process, sending Tesla shares up 1.7% to $577.284 at 10:42 a.m. New York time. The stock, which closed at a record high on Friday, is up about 578% this year.