Google Joins Standard & Poor's 500

Google Inc. has recently joined the benchmark Standard and Poor's 500 stock index, boosting the company's share price by about 7%. The move should help with establishing itself as a serious corporation, rather an Internet company that has just got lucky.
Investors and fund managers that track the S&P index will now have to buy into GOOG, while the gas and oil company, Burlington Resources will get the boot from the index.
Google Shares Advance as Search Engine to Join S&P 500 Index
"Google is the biggest company ever added to the S&P 500, according to Nicholas Gulden, an analyst at Citigroup Inc. in New York. The stock will become the highest-priced among the index's members, surpassing Goldman Sachs Group Inc., whose shares closed today at $151.67.
S&P 500 fund managers will have to buy $11.1 billion of Google's stock because of its inclusion in the index, according to an estimate by Gulden." Bloomberg
# Google News, Stock Market News