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Amazon briefly touched the $1,000-a-share level on morning trade in New York which emphasizes how tech stocks have reignited 2017's US stock market rally.
The tech industry has been the rally's dominant fuel, particularly known as the “FAANGtastic five”, which are Facebook, Apple, Amazon, Netflix and Google, all have each gained approximately between 25 percent and 33 percent.
Amazon rose 5.4 percent to touch a fresh record high of $1,001.2 per share, but closed lower with a 0.1 percent gain for Tuesday, closing at $996.7. The stock is currently up by almost 35 percent in 2017. The company's market value is $478 billion, trailing only Apple, Alphabet and Microsoft.
Amazon exceeded estimates in late April, when it reported revenue of $35.7 billion and an earnings per share of $1.48, propelling the stock higher. The company said sales were up 23 percent in the quarter while its Amazon Web Services business sales rose 42 percent.
Google parent Alphabet is also approaching the record high level. Its stock was trading around $997 and is up over 25 percent in 2017. Youtube and Android have been generating more sales and profits for the firm.
Apple, Google, Amazon, Facebook and Microsoft have been the top five major contributors to the S&P 500's gains this year, and all are in the top ten holdings of hedge funds tracked by Goldman Sachs.
