MW: Amazon stock hits record high on hopes for a coronavirus-related boom

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MARKETWATCH reports:

Amazon.com Inc. shares closed at a new high Tuesday, as the e-commerce and cloud-computing powerhouse continued to be seen as a safe target for investors in a rocky time.

Amazon AMZN, +5.27% stock gained 5.3% Tuesday to close at an all-time high of $2,283.32, topping the previous closing record of $2,170.22 set on Feb. 19. At that price, Amazon is worth roughly $1.14 trillion, according to FactSet. Shares have gained 23.6% this year, as the S&P 500 index SPX, 3.06% has declined 14.5% amid fears of a recession caused by the COVID-19 pandemic.

While investors are concerned about the coronavirus pandemic’s effects on companies, Amazon seems relatively safe thanks to its core businesses: online retail, which is thought to have picked up amid closures of brick-and-mortar outlets; cloud computing, which helps companies keep up with increased demand for online products as people flood the internet; and streaming media, a popular pastime for those who are forced to stay at home.

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