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Amazon briefly edges past Apple for most valuable firm

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