Google shares are up 7% today on news that the company will join the S & P 500, a leading stock index of publicly traded companies. Google (GOOG) will replace oil & gas company Burlington Resources, which is being taken over by ConocoPhillips.
Google investors and enthusiasts have been pining for the company's addition to the widely followed index ever since the company went public, less than two years ago. The S & P 500 selection commitee often looks to include representatives of new, emerging industries in the U.S. economy.
Criteria for company selection and Index changes can be viewed here.