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Facebook Stock Added To Dow Jones S&P 500 Index

Dec 12, 2013, 07:51 IST

Reuters/Robert Galbraith

Facebook shares will be added to the Dow Jones S&P 500 Index, a portfolio of stocks considered a barometer of the market and even the overall US economy.

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The world's leading online social network will replace chip testing equipment company Teradyne after the close of trading on the New York Stock Exchange on December 20, S&P Down Jones Indices said Wednesday in a release.

Facebook shares rose nearly four percent to top $51 in after-market trades on Wednesday.

Being added to the S&P 500 comes at the end of a year in which Facebook climbed out from the wreckage of its much-hyped but quickly panned stock market debut early in 2012.

Facebook has been on an upward cycle since earnings showed a jump in mobile advertising revenue.

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Facebook shares plummeted after the highly anticipated IPO last year and languished, primarily due to doubts about the California-based company's ability to make money from members using mobile devices to get online.

Facebook, based in the northern California city of Menlo Park, will be added to an S&P software and services category in the index.

Copyright (2013) AFP. All rights reserved.

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