While the broad market was selling off, Amazon.com Inc. stock continued to rise. Shares closed at record highs during the last four trading sessions, and they’re on track for another record close Wednesday. The stock rocketed to a new intraday high of $1,464.65 earlier in the session before settling down a bit. Shares are currently up 1.8%, outpacing gains for the Nasdaq Composite Index , up 0.8%. The Nasdaq is still 1.1% below Friday’s record close. Amazon is due to report holiday-quarter earnings Thursday after the close, with analysts expecting that the company drew revenue by 37% during the period. Fellow e-commerce powerhouse Alibaba Group Holding Ltd. also hit a new intraday high of $206.20 in Wednesday trading, though it’s now trading below last Friday’s record close of $205.22. Alibaba’s stock is currently up 2.3%. The firm reports December-quarter earnings Thursday morning. Alibaba shares have gained 101% over the past 12 months, while Amazon shares are up 77%. The S&P 500 Index is up 24% in that time.
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From:: Stock Market News