Price of Amazon shares hits $1,000 for the first timeStaff Writer | May 30, 2017
Shares of Internet retailer Amazon crossed the $1,000 per share threshold for the first time Tuesday on the NASDAQ exchange.
Retail Amazon has a $478 billion market value
Amazon shares hit $1,001.20 on Tuesday morning before falling below the threshold; its 52-week low was $682.12.
Investors are pondering how high the stock can climb as the company concentrates on replicating its U.S. success in other markets, Bloomberg News reported.
Amazon, headquartered in Seattle, has a $478 billion market value, double that of Walmart Stores Inc., although Walmart sales are expected to have three times Amazon's sales in 2017.
Investors value Amazon's web traffic and delivery network over Walmart's retail presence in stores across the country because online spending is expected to grow four times faster than overall retail spending, Bloomberg said. ■