Standard & Poor's said on Monday that DeVry would replace General Motors in its flagship S&P 500 stock index, citing the automaker's filing for bankruptcy protection.
GM [GMGMQ 0.68 -0.07 (-9.33%) ] will be removed from the index after the close of trading on June 2.
DeVry [DV 46.39 2.02 (+4.55%) ] , based in Oakbrook Terrace, Illinois, is a provider of post-secondary education.
Shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index, and must buy shares of companies that enter it.
DeVry shares rose $1.88 to $46.25 in after-hours trading following the S&P announcement.