Investors Cheer Facebook's S&P 500 Debut

By Social MediaFOXBusiness

Shares of Facebook (NASDAQ: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.

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The Menlo Park, Calif.-based social network will replace oil and gas transporter The Williams Companies (NYSE:WMB) in the S&P 100 and automotive test equipment provider Teradyne (NYSE:TER) in the S&P 500.

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.

The addition comes just a week after Facebook was passed over for a spot on the index to replace industrial-product maker Molex (NASDAQ:MOLX).

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Analysts had suggested that Mark Zuckerberg’s company was a front-runner, but General Growth Properties (NYSE:GGP) was chosen instead.

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