Why Amazon Stock Hit a Record High Above $3,000 Today
Shares of Amazon.com (NASDAQ: AMZN) climbed 5.8% on Monday to a new all-time high of $3,057. At that price, the e-commerce and cloud computing titan's market capitalization now exceeds a staggering $1.5 trillion.
Positive economic news out of China likely contributed to the gains in Amazon's share price. Many of Amazon's third-party merchants source their goods from Chinese manufacturers. Shipping delays have weighed on these merchants' -- and, by extension, Amazon's -- sales and profits in recent weeks, and a return to more normal shipping times will be a welcome relief for businesses and customers alike.
Amazon stock climbed above $3,000 for the first time on Monday. Image source: Getty Images.
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