Amazon has become the second U.S. public company to cross the $1 trillion valuation threshold this year, one month after Apple did so.
Amazon shares hit $2,050.49 shortly before noon on Tuesday, bringing the company's value above $1 trillion before declining slightly. Apple became the first $1 trillion company last month. It is currently worth about $1.1 trillion.
Other big companies -- including industrial giants that have been around for more than a century, such as Boeing (market cap $207 billion), 3M ($119 billion) and General Motors ($55 billion) -- are worth far less than the high-flying tech companies because their prospects for earnings growth are nowhere near as strong.
Market watchers have been expecting both Amazon and Apple to eventually have valuations topping $1 trillion.
Full story from CBS News