Google Joining S&P 500

Google Joining S&P 500

This has been a big week for the Financial arm of Google ( GOOG ) as their Google Finance channel launched and today the news was made public that Google has been chosen to join the Standard & Poor’s 500 Index. Google stock surged on the news, up 9% to $372.56 a share.

With the buzzards circling around the bubbling housing market, many in the investment field are looking at Tech stocks, led by Google, to continue to grow and define the market. And yes, the analysts are piping up:

Barry Ritholtz, fund manager at Ritholtz Capital Partners says “Google has a terrific business model and fabulous product, and anybody who uses the Internet interacts with Google on a daily basis, so there’s a lot of excitement about it.”

“Tech is having a good run on corporate activity and earnings newsflow, but in general markets will be flat until there’s clearer indication on where rates are heading,” said Anthony Gifford, who helps manage $4 billion in U.S. equities at Henderson Global Investors in London