Broadcom Corp.’s stock continued to move ahead...

Broadcom Corp.’s stock continued to move ahead Tuesday after Standard & Poor’s Corp. said the No. 1 maker of semiconductors for cable modems and digital TV set-top boxes will be added to the S&P; 500 Index.

The Irvine company’s shares climbed 13%, or $19.30 to $166.80, in Nasdaq trading, with much of the gain coming in after-hours trading Monday after the announcement. Broadcom stock has almost tripled in the past year, though it has retreated from a record $253 on March 23.

In the benchmark index, Broadcom will replace GTE Corp., which is being bought by Bell Atlantic Corp. The date of inclusion has not been announced.

Companies’ shares typically rise when they join the index because many mutual funds that try to mimic the S&P; 500’s performance buy the stock. Money managers often are judged by comparing their performance with that of the S&P; 500.