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Tractor Supply joining S&P 500 index

S&P Dow Jones Indices adds Tractor Supply to the S&P 500 index

Associated Press

NEW YORK (AP) -- Tractor Supply Co. is joining the benchmark Standard & Poor's 500 index, replacing Life Technologies Corp.

The life sciences company is being acquired by Thermo Fisher Scientific Inc.

Shares of Tractor Supply, an operator of retail and ranch stores, rose $2.07, or 2.8 percent, to $76.38 in after-hours trading Thursday.

When a stock is added to a major index, such as the S&P 500, it tends to rise. That's because investment funds that track the index must buy the shares.

S&P Dow Jones Indices, which manages the S&P 500, announced the change on Thursday. It's effective after the close of trading next Thursday.