Tesla Stock Jumps Nearly 20% in Two Days After S&P 500 Announcement

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Tesla nov 18 2020

Tesla continues to rally again as its shares ended up 10.2% on Wednesday, closing at $486.64 per share, nearly reaching its all-time high of $496 per share and 52-week high of $502.49 per share.

On Monday, it was made official that Tesla would enter the S&P 500 in December 21, news that made the stock soaring after-hours and into Tuesday. Entry into the S&P 500 means index funds will need to buy into Tesla, as they are mostly designed to mirror the index.

Tesla’s market cap is now at $461 billion and according to JPMorgan Chase analysts, they believe roughly $34 billion worth of shares will need to be purchased by indexers.

With still two trading days left in the week, it appears Tesla may be on the verge of yet another 52-week high, as it’s just about 3% away.

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