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Amazon.com briefly becomes Wall Street's most valuable company

Reuters  |  SAN FRANCISCO 

(Reuters) - com briefly became the most valuable company on Wall Street in intraday trade on Monday, days after Corp dethroned long-time leader

rose as much as 4.7 percent, putting its market capitalization at $865.0 billion. was up 2.1 percent, giving it a market capitalization of $864.8 billion.

Microsoft, which on Friday closed above Apple's market capitalization for the first time in eight years, was up 0.9 percent, leaving its stock market value at $859.0 billion, third in the group.

The tight race between the trio of high-powered stocks coincided with a broad stock market rally after the and agreed on a temporary trade truce.

in August became the first U.S. publicly-listed company to reach a $1 trillion market capitalization, but the maker has fallen sharply in recent months as investors worried that demand for iPhones was losing steam.

Amazon's stock has recovered most of the ground it lost after the in October forecast disappointing sales for the holiday quarter, but it is still down about 13 percent from its Sept. 4 record-high close.

Apple's market capitalization overtook Microsoft's in 2010 as struggled with slow demand for personal computers, due in part to the explosion of like the

(Reporting by Noel Randewich, Editing by Rosalba O'Brien)

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

First Published: Mon, December 03 2018. 23:31 IST
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