WellPoint Stock to Be Included in S&P; Index

Shares of WellPoint Health Networks Inc., one of state’s biggest health insurers, rose 3.2% after an announcement that its shares will be included in the Standard & Poor’s 500 Index beginning today. Its stock price jumped $2.69 to close at $86.13 on the NYSE. The company will replace Harnischfeger Industries Inc., the world’s biggest mining-equipment maker, in the index. Harnischfeger filed for bankruptcy protection this week. Companies’ shares often rise when they’re added to the S&P; 500 because many mutual funds that try to mimic the performance of the index must buy the shares.

Money managers often are judged by comparing their performance with that of the S&P; 500. About $700 billion is invested in funds that try to track the performance of S&P; indexes, including the S&P; 500. WellPoint, based in Woodland Hills, said that its largest shareholder, the California HealthCare Foundation, will sell as much as $1 billion worth of shares. That would reduce its stake to about 8.5%.