The shares of Tesla Inc. closed the era of the pre-S&P 500 index with a final rally and plenty of investor interest.
Tesla TSLA,
rose 6% to finish at a record high of $ 695 on Friday, reversing the price from earlier in the day and gathering most of its strength in the closing moments of the trade.
Nearly 200 million shares traded in Tesla’s fifth-largest volume ever and the highest since early February. The stock was the best performing and most active stock on the Nasdaq 100. NDX,
The S&P 500 index, which Tesla will soon be participating in, ended with 13.07 points or 0.35%. Tesla shares fell in the extended session Friday, down 2% on the last check.
Related: Buy Tesla shares? Here’s what an analyst says prior to the addition of S&P 500
On Monday, Tesla shares will start trading on the S&P SPX,
a hallmark that places the stock in countless index-tracking and actively managed funds, which will have to follow suit to balance their portfolios.
The S&P index manager announced the inclusion of Tesla on Nov. 16, after disapproving the company in an earlier reshuffle.
To underscore the complexity of adding the company, S&P Dow Jones Indices consulted with investors on how to go about it, ultimately deciding to add Tesla all at once.
Since announcing the S&P addition, Tesla has added $ 271.96 billion in market value, which is more than Toyota Motor Co.’s market cap, which is currently approximately $ 213 billion.
In fact, since the November announcement, that valuation jump is roughly where Tesla was valued in mid-July, and is more than 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 a gain of about 15% for the S&P.