Shares rose 2.6% to $3,379.81, closing at their highest since Jan. 3. They are now up 1.4% on the year, after having dropped more than 18% earlier this month.
A month later, it announced a 20-for-1 stock split, spurring additional gains as Wall Street bet the move could lead to higher interest from retail investors. “We’ve seen a shift back into these kinds of high-quality growth names, with strong balance sheets and market positions, and Amazon’s strength also reflects how strong the consumer continues to be,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.
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