Google Finds Place on Standard and Poor's 500 Index
TMCnet Contributing Editor
) will replace in SP 500 the Burlington Resources group that was acquired by ConocoPhillips
in December. ConocoPhillips is the third-biggest oil group in the United States and also a Standard and Poor's member.
“Burlington Resources is being acquired by SP 500 constituent ConocoPhillips in a deal expected to close on or about ... March 31, pending final approvals,” Standard and Poor's 500 Index said in a statement.
Google became a publicly traded company in 2004. The company has been quoted on the Nasdaq index under “GOOG” since August 2004.
The SP 500 is a broad market index. It lists the leading 500 businesses that are vital to the US economy. Analysts are of the view that the market index mirrors stock market tendencies.
The listing of a company on Standard and Poor's 500 index usually increases the value of that company's shares.
According to AFP, the announcement has enhanced Google share prices in electronic trading after the market closed. Google shares gained 7.4 percent to $367.11.
Niladri Sekhar Nath is a contributing writer for TMCnet covering telecommunications, service providers and networking.
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