Shares of Facebook (FB) climbed more than 3.5% Thursday as investors applauded the company’s addition to the S&P 500, a move that underscores its explosive growth this year.
The changes will officially take place after the market closes on Dec. 20.
Facebook’s shares climbed 3.3% to $50.98 in recent trade, putting them within a stone's throw of their all-time high. They have risen 92% so far this year, far outperforming the market.
Analysts had suggested that Mark Zuckerberg’s company was a front-runner, but General Growth Properties (GGP) was chosen instead.