Amazon briefly edges past Apple for most valuable firm

Amazon briefly edges past Apple for most valuable firm
Amazon.com briefly became the most valuable company on Wall Street in intraday trade on Monday.

sam francisco - Amazon's lead lasted only a few seconds



Amazon.com briefly became the most valuable company on Wall Street in intraday trade on Monday, days after Microsoft dethroned long-time leader Apple.

Amazon rose by 4.7 per cent at one point, putting its market capitalisation at $865 billion. At the same time, Apple traded up 2.1 per cent, giving it a market capitalisation of $864.8 billion.

Microsoft, which on Friday closed above Apple's market capitalisation for the first time in 8 years, was up 0.9 per cent, leaving its stock market value at $859 billion, third in the group.

Amazon's lead lasted only a few seconds. At the close, Apple was back on top with a 3.49 per cent increase in its stock that put its total value at $877 billion. It was followed by Amazon, up 4.86 per cent with a market capitalisation of $866.6 billion, and then Microsoft, up 1.08 per cent and a stock market value of $860.4 billion.

The tight race between the trio of high-powered technology stocks coincided with a broad stock market rally after the United States and China agreed on a temporary truce in their ongoing trade dispute.

Apple in August became the first US publicly listed company to reach a $1 trillion market capitalisation, but its share price has fallen sharply in recent months as investors worried that demand for iPhones was losing steam. - Reuters


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