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Published: February 9, 2024 at 5:26 pm ET
Shares of Amazon.com Inc. continued to rise on Friday, securing their highest close in more than two years.
Shares of the e-commerce giant advanced 2.7% in Friday’s session to end the day at $174.45. That was the best final level since Dec. 9, 2021, when Amazon AMZN stock closed at $147.17, according to Dow Jones Market Data.
No…
Shares of Amazon.com Inc. continued to rise on Friday, securing their highest close in more than two years.
Shares of the e-commerce giant advanced 2.7% in Friday’s session to end the day at $174.45. That was the best final level since December 9, 2021, when Amazon stock
AMZN
It closed at $147.17, according to Dow Jones Market Data.
Do not miss: Is Meta Now a Value Stock?
Amazon briefly surpassed Alphabet Inc.
GOOG
GOOGLE
as the third most valuable US company by market capitalization last week, although it has since fallen back to fourth place. Still, Amazon’s stock’s recent momentum has been enough to help the company maintain a spot in the top four, even as Nvidia Corp.
NVDA
bites his heels.
Alphabet ended Friday’s session with a market cap of $1.86 trillion, while Amazon’s was $1.81 trillion and Nvidia’s was $1.78 trillion.
Wall Street had a mixed reaction to big tech companies’ earnings this quarter, but Amazon’s results were among those that were well received.
See also: Amazon says the ‘magic words’. They drove a $130 billion market cap boost.
“Overall, the surpluses that kept AMZN stock in check (e-commerce slowdown in 2021, e-commerce slowdown and margin compression in 2022, and AWS slowdown in 2023) will have dissipated throughout 2024,” he wrote UBS analyst Stephen Ju in a note to clients following those results.
The company has been a big driver of earnings growth for the consumer discretionary sector of the S&P 500, as its quarterly earnings per share grew to $1 in the latest quarter from 3 cents a year earlier. The consumer discretionary sector is now expected to post 33% growth in EPS for the fourth quarter, according to FactSet, but without Amazon, that would translate to a decline of about 1%.