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Amazon stock price tops $2,000 for first time

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Amazon inches closer to $1 trillion market value

The surge in Amazon’s stock price comes as technology shares continue to lead the U.S. stock market higher and drive indexes with big tech weightings, such as the Nasdaq composite and Standard & Poor’s 500, to record highs.

At its peak price of $2,006.70 — as of late morning on Thursday — Amazon’s market value swelled to an estimated $978.75 billion. Earlier this month, Apple became the first U.S. publicly traded company in history to achieve a market value of $1 trillion.

Amazon’s stock has been one of the top performers in the bull market that began in March 2009, gaining more than 3,000 percent, data from S&P Dow Jones Indices show.

If Amazon closes above $2,000 on Thursday, it will become the only stock in the S&P 500 to have a share price that high, according to S&P Dow Jones Indices. Booking Holdings (formerly Priceline) was trading above $2,000 earlier this year (it hit a high of $2,229 in mid-March) but has since pulled back to about $1,947 a share.

Amazon is one of the so-called FAANG stocks — Facebook, Apple, Netflix and Google-parent Alphabet are the others — a group of innovative tech giants that dominate their businesses and rake in billions in profits each quarter.

The Jeff Bezos-led Amazon juggernaut is not only the king of the online retail industry, with roughly 50 percent of the total market, according to eMarketer, it is also a lead player in the public cloud computing business, via its Amazon Web Services unit.

Amazon makes lots of money – and its earnings are expected to keep growing at a fast clip. In the quarter that ended in June, Amazon reported sales of $52.9 billion and a profit of $2.5 billion. The company told Wall Street it expected third-quarter net sales of $54 billion to $57.5 billion, which equates to year-over-year growth of 23 percent to 31 percent.

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After Amazon’s strong second-quarter results, Michael Graham, an analyst at Canaccord Genuity, raised his price target from $2,000 a share to $2,100.

Achieving that would hurtle Amazon past the $1 trillion market value barrier. The bull case of Morgan Stanley analyst Brian Nowak is $2,800, which would propel Amazon’s market capitalization to nearly $1.4 trillion.

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