Shares of Tesla surged 7 per cent on Monday to a record high, extending a two-week rally to more than 60 per cent as investors bet the electric car maker could report a quarterly profit and potentially join the S&P 500 index. Monday’s surge added $24 billion to Tesla’s stock market value, an increase approaching General Motors Co’s entire value of $35 billion. SEE ALSO: Musk says Tesla 'Battery Day', shareholder meet likely on Sept. 15With its market capitalization now at $310 billion, Tesla would be among the most valuable companies ever added to the S&P 500. The same day would also be “Battery Day,” when Tesla it is expected to reveal significant advances in battery technology. Tesla’s stock rose as much as 16 per cent earlier on Monday, and it has gained about 600 per cent over the past year.

Source: Standard Digital July 13, 2020 19:06 UTC