Amazon's stock surges back above the 50-day moving average, after Alexa learns Spanish
Shares of Amazon.com Inc. surged 5.7% in midday trade Wednesday, enough to pace its consumer discretionary peers, after the e-commerce and cloud giant announced the launch of its music and Alexa services in Mexico. The rally puts Amazon's market capitalization at $849.3 billion, or just about $10 billion behind Microsoft Corp. , which passed Amazon to become the second-most valuable U.S. company last month. Amazon said earlier Wednesday that its Alexa voice service "has learned to speak and understand Spanish tailored for Mexico," and is now be available with Amazon Echo in Mexico. The company also said it launched its Amazon Music streaming service in Mexico, and will be linked with Alexa. Amazon's stock is on track to close above its 50-day moving average, which many use as a guide to the short-term trend, for the first time since Oct. 25. It is also the biggest gainer in the SPDR Consumer Discretionary Select Sector ETF , which is rallying 1.8%. Amazon shares have lost 6.7% over the past three months, while the consumer discretionary ETF has slipped 2.2% and the S&P 500 has lost 2.0%. 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.