General Motors (GM) is planning to rejoin the Standard & Poor’s (S&A) 500 Index, reports Detroit Free Press.
GM will replace H.J. Heinz on the S&P 500 after the close of trading Thursday, a spokesman for the index said Monday.
GM shares traded about 4% higher at $35.68 in after hours trading Monday, after gaining 53 cents during trading on the New York Stock Exchange (NYSE).
GM was removed from the index on the eve of its Chapter 11 bankruptcy reorganization in 2009. The company entered a bankruptcy restructuring backed by $49.5 billion of taxpayer support.
The U.S. government is selling its remaining GM shares on a daily basis and is expected to fully divest by this time in 2014.
Source: Detroit Free Press
