Amazon’s stock rallies toward for 1st close above $1,900, 21 days after surpassing $1,800
Shares of Amazon.com Inc. AMZN, +0.91% rallied 0.9% in afternoon trade, putting them on track for the first close above the $1,900 level, on their second attempt in three sessions. The stock had ran up to an intraday high of $1,914.57 on Thursday, before paring gains to end the regular session at the current record close of $1,898.52. The stock slipped 0.6% on Friday. On Monday, Amazon’s stock ran up as much as 2.1% to an intraday high of $1,925.00 before paring some gains. Earlier, Piper Jaffray analyst Micheal Olson said he believes profit at Amazon’s advertising business will surpass its AWS profits within three years. A close above $1,900 would come 21 sessions after the stock first closed above $1,800. The first close above $1,800–at $1,813.03 on July 13, also came 21 sessions after the first close above $1,700, at $1,704.86 on June 13; that was 26 sessions after it first closed above $1,600, at $1,600.14 on May 7. Amazon extended its lead as the second-largest U.S. company by market capitalization, with a market cap of $928.71 billion. In first is Apple Inc. AAPL, +0.99% at $1.01 trillion, while third is Alphabet Inc. GOOGL, +0.06% at $871.24 billion. Amazon shares have fun up 62.8% year to date, while the Nasdaq Composite COMP, +0.06% has advanced 13.5% and the S&P 500 SPX, -0.13% has gained 5.7%.
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