Standard & Poor's (S&P) announced that it will add Google Inc. to the S&P 500 index.

Google will replace Burlington Resources, Inc., which is being acquired by ConocoPhillipps, as an S&P component.

"We think that it is likely that Google will be added to the S&P 500 Index as it is the only one of the top four internet companies that has yet to be included," wrote Robert Peck, an analyst at Bear Stearns, in a report published in February.

The move will be effective after the end of trading on March 31. Currently, Google's stock is being traded at a value near $367.31 per share.