Amazon becomes second trillion-dollar company in U.S.

posted by CBS News - 

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

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