Amazon worth more than $500 billion as stock continues its climb

Amazon’s market capitalization topped a half-trillion dollars Wednesday. That’s an exclusive circle that includes only three other publicly traded U.S. companies, including crosstown rival Microsoft.

Observers have often speculated that might become the first company worth a trillion dollars. On Wednesday, a day before the release of its second-quarter financial results, it got halfway there.

Shares of the e-commerce giant were up 0.94 percent to $1,049.60 in midday trading Wednesday in New York, bringing its market capitalization to $502.2 billion, the first time it has surpassed the half-trillion mark.

It’s an exclusive club that includes only three other publicly traded U.S. companies: Apple, Alphabet and crosstown rival Microsoft, which saw its shares surge past that mark for the second time in its history in January.

To be sure, $500 billion is just a number — it changes nothing about Amazon’s positioning versus its rivals. Other companies, like Exxon Mobil and General Electric, have belonged in that circle in the past and have seen their market value dip below that significant threshold.

But it stands as a sign of how favorably Wall Street views tech companies, and in particular, Amazon — a…

Read the full article at the Original Source..

Back to Top