Google Gets Its DiplomaIt's graduation time for Google ( GOOG), Cramer said, now that the company is part of the S&P 500 index. But what does that mean and why does it matter so much, he asked. "Most importantly, why is the company up 22 points because it got added?" There are many indices out there, but the S&P 500 is the gold standard, he said. The index is managed by McGraw-Hill ( MHP), which owns Standard & Poor's. Indices are like clubs that have different criteria to join. The Dow Industrials focus on large industrial companies and is one of most closely followed indices. The Nasdaq is for newer companies and has a lot of tech and biotech. But the S&P lists 500 companies deemed representative of American business, and now Google is in that club.
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