Amazon grows to No. 2 valued firm in world
Amazon has become the second most valuable publicly traded company in the world.
The retailer Tuesday topped Google parent Alphabet, landing for the first time in the No. 2 spot by the stock market’s reckoning, behind only Apple.
Amazon shares climbed $41.58, or 2.7 percent, to $1,586.51, giving the company a market capitalization of about $768 billion. Alphabet, after falling $2.11, or 0.2 percent, to $1,097.71 a share, stood at $762.9 billion. Apple was valued at $889 billion.
Amazon’s move past the Mountain View, Calif.-based search giant is the latest sign of the company’s rapid ascension in the last few years from an online retailer to a sprawling conglomerate with interests from cloud computing to groceries and logistics. Three years ago, Amazon was ranked 34th by market capitalization, according to S&P Global Market Intelligence.