Jul 10, 2017

Amazon shares rise ahead of Prime Day

Investors boosted shares of Amazon on Monday in anticipation of strong sales during the firm's heavily promoted summer discount day. Amazon's global sales during the Prime Day event could approach $1bn, according to a JP Morgan forecast. The firm's shares rose 1.8% amid wider gains for tech stocks on Wall Street. Traditional retailers fared less well, with shares in Best Buy and Macy's falling more than 6% and Kohl's stock dropping nearly 5%. The tech-heavy Nasdaq index rose 0.4% to 6,176.39, lifted by Amazon as well as Google-owner Alphabet and Facebook. JP Morgan said it expected the sales event to have an effect on shares of rival firms, such as Walmart, which had not been affected in prior years.

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