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Elon Musk is now an A-lister on Wall Street

November 17, 2020. Summarized by summa-bot.

Tesla has no shortage of doubters. But on Monday, the company got a stamp of approval from Wall Street that sends a clear message: It's time for the fast-growing electric carmaker to go mainstream.

What's happening: After months of speculation, Tesla will join the S&P 500 index on Dec. 21, S&P Dow Jones Indices announced Monday.

The company became eligible earlier this year after booking four consecutive profitable quarters.

But Tesla's addition to the S&P 500 is a clear marker of just how far the company has come.

Last quarter, buoyed by strong demand for the more affordable Model 3 and the early success of Tesla's Gigafactory in Shanghai, the company booked record profits and delivered more cars than ever before.

Ives said this made it impossible for S&P Dow Jones Indices to keep Tesla out of the benchmark index much longer.

Previously, Tesla's investor base largely consisted of active fund managers who bought into the company's mission, Hyett told me.

The latest: The Dow and S&P 500 closed at records levels on Monday after Moderna said its experimental coronavirus vaccine is highly effective.

"Last week's Pfizer news was great, but today's Moderna vaccine news is even better," said Ryan Detrick, chief market strategist for LPL Financial.

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