It was a volatile one, but 2023 turned out to be a great year for growth stocks. The tech-heavy Nasdaq Composite Index gained over 35% through early December, or nearly double the 19% rally that the S 500 saw in that time. Some of the biggest winners were Nvidia and Meta Platforms, up 211% and 165%, respectively.

Amazon (NASDAQ: AMZN) stock had a respectable showing, rising over 70% for the year. Those gains were powered by positive factors such as a return to growth in the e-commerce industry and strong demand for its cloud services. But there's likely more room to run for this stock. Here are a few reasons why Amazon could extend its positive momentum into 2024 and beyond.

It isn't easy for a massive business to grow quickly, but that's exactly what Amazon is doing right now. Revenue jumped 11% over the past nine months to $405 billion, tacking on an additional $40 billion to its sales footprint.

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Source Fool.com