Stock Watch: Yahoo! Joins S&P 500

Shares of Yahoo! (Nasdaq: YHOO) gained 9-1/4 to 228 in early trading today as the company was added to the S&P 500 index. Being added to this index is giving Yahoo! a boost because it means that more mutual funds, especially those that track the S&P 500, will be buying Yahoo! stock.

In other news today, Yahoo! Germany and Deutsche Bank 24 announced a deal to create a co-branded credit card. This deal, similar to one recently made between Amazon.com and Nextcard, could be an efficient way for Yahoo! to generate revenue. Also today, perfumania.com and Homegain.com announced deals with Yahoo!.

There are a lot of reasons to like Yahoo! right now, so it might be one Internet stock to buy and hold.

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