Amazon' stocks reach $1,000 for the first time

The e-commerce giant that has revolutionized shopping, saw its stock reach $1,000 for the first time Tuesday.

Photo credit: Amazon.com

The new stock price places Amazon’s market value at approximately $478 billion, doubling Wal-Mart’s value, and exceeding the size of Target by more than 15 times.

Amazon’s four-digit stock price makes it only one of five companies listed in the United States that have shares that trade above $1,000.

Amazon.com Inc. started in 1995 when books accounted for most of its sales. Based in Seattle and operated by President, CEO, and Chairman Jeff Bezos, the company now sells most types of merchandise, and has been blamed for dwindling business in department stores, clothing retailers and supermarkets.