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Price of Amazon shares hits $1,000 for the first time

Staff Writer |
Shares of Internet retailer Amazon crossed the $1,000 per share threshold for the first time Tuesday on the NASDAQ exchange.

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The milestone for the company, which dominates in online commerce and cloud computing, comes as its share price has climbed 40 percent from one year ago.

Amazon shares hit $1,001.20 on Tuesday morning before falling below the threshold; its 52-week low was $682.12.

Investors are pondering how high the stock can climb as the company concentrates on replicating its U.S. success in other markets, Bloomberg News reported.

Amazon, headquartered in Seattle, has a $478 billion market value, double that of Walmart Stores Inc., although Walmart sales are expected to have three times Amazon's sales in 2017.

Investors value Amazon's web traffic and delivery network over Walmart's retail presence in stores across the country because online spending is expected to grow four times faster than overall retail spending, Bloomberg said.

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