The Soaring Stock Index You’ve Never Heard Of
- Date: 22-Dec-2020
- Source: The Wall Street Journal
- Sector:Financial Markets
- Country:Middle East
The Soaring Stock Index You’ve Never Heard Of
A lesser-known stock index lost its biggest driver after Tesla Inc. joined the S&P 500, potentially undercutting the performance of the highflying benchmark and several exchange-traded funds that track it.
The S&P Completion Index tracks all U.S. stocks except those in the S&P 500. The index is typically associated with mid, small and microcap stocks that fail to meet certain criteria for inclusion in the S&P 500. The presence of Tesla, the biggest stock in the completion index and the sixth-largest publicly traded company in the U.S., was something of an anomaly.
The electric car maker's 677% surge this year propelled the completion index up 31%, doubling the gain of the S&P 500 over the same period.
Tesla owed its massive weighting in the index to its size and the fact that it took about a decade from its public-market debut to meet guidelines for inclusion in the S&P 500. S&P Dow Jones Indices formally added Tesla to the S&P 500 at the end of
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