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Hilton to replace Yahoo on S&P 500 index

S&P Dow Jones Indices is set to add Hilton Inc. to the S&P 500 index, replacing Yahoo! Inc.

Hilton will join the S&P 500 Global Industry Classification Standard Hotels, Resorts & Cruise Lines Sub-Industry index.

Meanwhile, Yahoo! is set to convert to a publicly traded, closed-end management investment company after selling its operational business to Verizon Communications Inc., making it ineligible to continue on the S&P 500 index. Yahoo!'s closed-end fund conversion will take place June 16, according to a release.

The change is effective before market open June 19.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.