Amazon's stock extends rally into bull-market territory as market cap tops $800 billion
Shares of Amazon.com Inc. surged 1.2% in afternoon trade Tuesday, to lift its market-capitalization back above the $800 million mark for the first time in nearly a month, a day after the e-commerce and cloud giant ended its 10-week old bear market. The stock closed Monday at $1,629.51, or 21.2% above its Dec. 24 closing low of $1,343.96. Many on Wall Street define a bull-market as a rise of 20% or more off a bear-market bottom. The stock had entered a bear market on Oct. 29, when it closed 24.5% below its Sept. 4 record close of $2,039.51. The stock went on to fall as much as 34.1% through Dec. 24 before beginning its recovery. Separately, Amazon extended its lead as the most valuable company by market cap, as second-place Microsoft Corp.'s shares edged up 0.3%, putting its market cap at $785.6 billion. Amazon's market cap rose to $806.6 billion, heading toward the first close above $800 billion since Dec. 13. Amazon's stock has still lost 11.5% over the past three months, while the Nasdaq Composite has shed 11.4% and the S&P 500 has given up 11.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.