Standard & Poor's is adding Google to the prestigious S&P 500 index of stocks, a key stock market barometer, in the place of Burlington Resources.

Burlington Resources is exiting from the S&P index since they are in the process of being acquired by another S&P 500 constituent, ConocoPhillips.

The inclusion into the S&P 500 means many portfolio managers will have to add Google shares to their holdings. Many index funds base investments on whether a stock is included in the S&P 500. Google shares are already up 9 percent.

Source: FT.com | USAToday