May 30, 2017

Amazon shares hit $1,000 for first time

Shares in online retail giant Amazon have risen above the $1,000 mark for the first time. Amazon now has a market capitalisation of about $478bn, which is more than twice that of Wal-Mart. Amazon now accounts for about 43% of all online sales in the US. Amazon is now the fourth-largest US company by market capitalisation, behind Apple, Google owner Alphabet and Microsoft. Despite the rise in Amazon's share price, the Nasdaq index - of which Amazon is a member - was down 4.03 points at 6,206.17. Prices in April were up 1.7% from a year earlier, although that was down from March's figure of 1.9%. The so-called core PCE price index - which strips out food and energy prices, and is the Federal Reserve's favoured inflation measure - showed a 1.5% annual rise, compared with a 1.6% increase in March.

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