Shares in online retail giant Amazon have risen above the $1,000 mark for the first time.
The shares touched $1,001.2 at one point on Tuesday before slipping back to $996.7. It originally listed its shares in May 1997 for just $18 each.
Amazon now has a market capitalisation of about $478bn, which is more than twice that of Wal-Mart.
After starting as a bookseller, it has steadily expanded to become much broader-based retailer.
According to consultancy Slice Intelligence, Amazon now accounts for about 43% of all online sales in the US.
Amazon is now the fourth-largest US company by market capitalisation, behind Apple, Google owner Alphabet, and Microsoft.
Alphabet’s class A shares were also close to hitting four figures on Tuesday, trading at $996, meaning the company is worth around $681bn.
Despite the rise in Amazon’s share price, the Nasdaq index – of which Amazon is a member – closed down 7 points or 0.11% at 6,203.19.
Figures from the Commerce Department showed that consumer spending posted its biggest rise for four months in April, climbing 0.4%. That followed an upwardly revised 0.3% increase in March.
Separate data showed the personal consumption expenditures (PCE) price index rose by 0.2% in April, following a 0.2% fall in March. Prices in April were up 1.7% from a year earlier, although that was down from March’s figure of 1.9%.
The so-called core PCE price index – which strips out food and energy prices, and is the Federal Reserve’s favoured inflation measure – showed a 1.5% annual rise, compared with a 1.6% increase in March.
The Fed targets a rate of 2% for the core PCE index. Many analysts expect that the US central bank will raise interest rates when it meets next month.