Amazon Follows Apple To The Trillion-dollar Valuation Club

(RTTNews) - Amazon.com Inc. (AMXN) on September 4 became the second U.S. company to reach the $1 trillion valuation mark, just about a month after Apple reached the milestone.

The online retailing giant's shares closed at $2,039.51, up $26.80 or 1.33%. Its shares hit the $2050.50 level to give its stock a value of $1 trillion. Amazon shares have risen more than 70% this year, and 600% over the past five years.

Amazon's share price had crossed the $2,000 threshold for the first time on August 30. Its shares had reached the $1,000 milestone on October 27, 2017.

Amazon, one of the world's largest online retailer, has actually pioneered how people shop online. Under CEO Jeff Bezos, Amazon has transformed itself from a book seller to the most dominant force in the e-commerce industry. Bezos is currently the richest person in the world with a net worth of an estimated $166 billion.

Amazon and Apple now make up more than 8% of the entire value of the S&P 500, according to Howard Silverblatt, senior index analyst for S&P.