Why Amazon Stock Soared 76% in 2020
Shares of Amazon.com (NASDAQ: AMZN) surged 76% higher last year, according to data from S&P Global Market Intelligence. Demand for the e-commerce juggernaut's services rose sharply during the coronavirus pandemic, and it's set to grow further in the years ahead.
COVID-19, and the social distancing measures enacted to combat the spread of the disease, resulted in the temporary closure of a huge swath of the traditional retail industry. Amazon and other e-commerce companies stepped up and supplied people with the food and other essentials they needed during the crisis. Online retail sales boomed, and Amazon's profits skyrocketed.
As e-commerce growth accelerated, Amazon generated hefty gains for its shareholders in 2020. Image source: Getty Images.
Source Fool.com
