Carvana stock surges on S&P 500 inclusion, marking dramatic turnaround

Carvana (CVNA) stock surged as much as 10% Monday after the online car retailer was tapped to join S&P 500 (^GSPC), marking a dramatic turnaround for the once heavily-shorted company. On Monday, shares surged to a high of $438 ahead of their Dec. 22 inclusion as part of the broad-based index's Consumer Discretionary (XLY) category. The move follows a stretch of record sales and profit units sold, with the company reaffirming its long-term goal of selling 3 million cars within the next 5 to 10 years. On ...