Amazon's market value on verge of beating out Microsoft
Amazon`s stock was down 1.14 percent, bringing its market capitalization to $690.4 billion, while software maker Microsoft`s 1.83 percent fall depressed its market capitalization to $690.3 billion.
Bolstered by blockbuster quarterly results, Amazon`s stock gained 3.8 percent over the three sessions ended Tuesday, even as Wall Street struggled through a rout that has raised fears that a nine-year bull market may be ending.
Microsoft lost about 3.1 percent over the three sessions ended Tuesday.
Amazon`s market cap at points on Wednesday during intraday trade already topped that of Microsoft, but it has never closed at a higher value.
Amazon`s explosive growth in retail and cloud computing has sent its shares 77 percent higher over the past year, outpacing Microsoft`s 42 percent rise. [nL4N1PS4R6]