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Amazon hits $1 trillion market cap

Staff Writer | September 5, 2018
Amazon hit $1 trillion in market cap on Tuesday, becoming the second publicly traded U.S. company to reach the historic threshold after Apple.
America   Apple reached the trillion-dollar cap in early August
Shares of Amazon rose nearly two percent to a high of $2,050.50 apiece in morning trading, bringing it to reach the record valuation.

The stock needed to hit a price of $2,050.27 to reach the 1-trillion-dollar milestone based on its share count, according to the company's recent quarterly report in July. The stock retreated a bit after the record high and traded at a price of $2,036.04 around midday.

U.S. tech giant Apple reached the trillion-dollar cap in early August after the iPhone maker posted a strong quarterly report. It took Amazon about five weeks to catch up. The two Silicon Valley giants had been racing to the trillion-dollar valuation.