Tesla may not ever race in the Indy 500, but the automaker has still found plenty of success as it looks to join another 500 this upcoming week. Shares of Tesla shot up to more than four times their 30-day average volume as passive funds jumped at the opportunity to add the benchmark index ahead of Monday’s opening bell.
Monday will mark the inclusion of Tesla Inc. shares into the S&P 500. The stock’s success this year has propelled the electric-car maker to a spot among the most valuable U.S. companies.
Tesla stock swung between gains and losses during the final hour of trading before ending the day on a surge to close at a record high of $695.
Nearly 200 million shares traded hands in the flurry that made Tesla the best performer and most active stock of the day.
The S&P 500, meanwhile, is hoping that Tesla can bring some of that success with them on Monday. The S&P wrapped up trading 13.07 points down. Tesla’s move into the S&P will result in the largest rebalancing in the history of the index.
This year alone, Tesla stock is up 731%. On Jan. 2 this year, the automaker’s stock was valued at $86.05 per share; it dropped to $72.24 on March 18 before making a steady and quick ascent to almost $700 at today’s market close.