On Friday morning, Google shares shot up by nearly 8 percent due to an announcement by Standard & Poor’s (S&P) saying the search giant will replace Burlington Resources on its S&P 500 Index, CNET News.com reports.
Google’s stock has more than doubled over the past 12 months, up to $400 per share at one point, and it will be added to the S&P 500 on March 31, following the market’s close, according to CNET.
Google’s investors will likely be all smiles, as the index funds will boost its share value.
The company’s shares bumped up by 7.9 percent in Nasdaq morning trading, to $368.88, CNET reports.
For related coverage, read Google to Launch Financial Website.
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