Amazon Briefly Touches $1 Trillion In Market Cap On The Back Of Impressive Stock Market Gains 

Amazon stocks briefly breached the $1 trillion market capitalisation mark before ceding gains to close at a market cap of $995 billion. The online retail giant’s stocks have been on a dizzying climb, picking up almost $72 billion in market cap over the past one week alone.

The strong stock performance is being driven by value additions that the company has made over the year or so. In a bid to diversify its product portfolio, the company entered the grocery space with the purchase of Whole Foods Markets. It is also said to be finalising plans for the logistics and hardware space as it looks to ramp up last mile delivery options. However, the main gains for the company are said to be arising from the cloud services. Amazon Web Services has registered gains of almost 50 per cent.

The stock’s impressive performance is not restricted to the last week or month alone. The stocks have outperformed the markets in 2018.

While Amazon’s stocks grew by more than 70 per cent since the start of the year, the markets have registered gains of 8 per cent over the same period highlighting the impressive Amazon performance.