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Salesforce.com stock jumps after joining S&P 500

September 10, 2008
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NEW YORK—Shares of Salesforce.com. Inc. jumped Wednesday after the customer relations management service provider replaced mortgage giant Freddie Mac in the S&P 500.

Standard & Poor's is removing Fannie Mae and Freddie Mac from the S&P 500 at the market close Wednesday following a steep drop in their stock prices. Industrial equipment maker Fastenal Co. replaced Fannie Mae.

Standard & Poor's said Tuesday the capitalization of the companies fell well below the $5 billion required to list among the S&P 500.

The U.S. government took over the two huge financial institutions on Sunday in one of the largest government interventions in the financial sector in history.

Shares of San Francisco-based Salesforce.com rose $3.99, or 7.7 percent, to close at $56.09. The stock has traded in a 52-week range of $41.95 to $75.21.

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