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Amazon emerges as most valuable US firm amid market turmoil

AP  |  San Francisco 

has eclipsed as the most valuable publicly traded company in the US as a see-sawing market continues to reshuffle corporate America's order.

The shift occurred Monday after Amazon's shares rose 3 per cent to close at USD 1,629.51 and lifted the e-commerce leader's market value to USD 797 billion.

Meanwhile, Microsoft's edged up by less than 1 per cent to finish at USD 102.06, leaving the computer software maker's value at USD 784 billion.

It marks the first time has held the top spot and ends Microsoft's brief return to the pinnacle after it surpassed in late November.

The repositioning has been triggered by mounting concerns that the Trump administration's trade war with and rising interest rates will bog down the worldwide

If that were to happen, it's likely to slow the growth of companies in and other industries that generate a substantial chunk of their revenue outside the US.

That's one reason most stocks are well off their peaks. Amazon, for instance, remains 21 per cent below its high reached in September when the company's value stood above USD 1 trillion.

was worth even more back then, but its stock has plunged by 37 per cent since early October to erase about USD 400 billion of its market value.

confirmed some of investors' worst fears last week when it warned that disappointing demand for iPhones, especially in China, caused its revenue for its most recent quarter to fall well below the projections of its management and industry analysts.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 00:20 IST