Tesla Inc. is wrapping up its biggest week in three months as news that Elon Musk’s electric-vehicle maker will enter the S&P 500 Index next month sparked a global buying frenzy throughout the electric vehicle sector. The rally propelled Tesla shares to a new intraday high of $508.61 on Thursday, and made it the best performing stock this week in the Nasdaq-100 Index. The week’s 21% advance marked the company’s strongest performance since Aug. 21, and pushed its market value to $470 billion. Analysts at Goldman Sachs Group Inc. said on Friday Tesla’s scheduled Dec. 21 entry into the benchmark could result in $8 billion of additional demand from actively managed U.S. large-cap mutual funds. That would represent about 1.7% of the company’s current market capitalization.

Source: https://www.bloomberg.com/news/articles/2020-11-20/tesla-shatters-records-in-climb-to-nasdaq-s-top-performing-spot