Amazon Hits 1 Trillion Dollars Market Cap

Amazon market cap hit 1 trillion dollars on Tuesday, becoming the second publicly traded U.S. company to reach the record valuation after Apple, CNBC reported.

Shares of the e-commerce giant rose nearly 2 percent to a high of $2,050.50 in morning trading. The stock needed to hit a price of $2,050.27 to reach the $1 trillion mark, based on an outstanding share count of 487,741,189 shares — according to the company's most recent quarterly report in July.

Apple reached $1 trillion in early August after posting a strong quarterly report. It took Amazon just five weeks to match the milestone.

The two Silicon Valley giants had been racing to the trillion-dollar finish line. Apple had a pretty significant head start, surpassing $900 billion in market value eight months before Amazon, which reached $900 billion in July on the heels of its biggest Prime Day ever.

Amazon stock has gained more than 70 percent in 2018 and has more than doubled in the last 12 months. That dwarfs gains by the overall market, with the S&P 500 index gaining 8 percent this year and 16 percent in the last 12 months. - Istanbul