Spectra Energy to Join S&P 500

Spectra Energy will replace Parametric Tech(PMTC Quote) in the S&P 500 index after the close of trading Dec. 29.

Spectra is being spun off by Duke Energy(DUK Quote) in a transaction expected to close on or about that date.

Parametric gets bumped down to the S&P MidCap 400 index, replacing Pier 1 Imports(PIR Quote), which had a market cap as of Wednesday's close of about $556 million, ranking 400th in the index.