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Amazon Breaks Through $1,000 Price

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Amazon Breaks Through $1,000 Price

Amazon.com, Inc. (NASDAQ: AMZN) briefly blew through the magic $1,000 mark on Tuesday, edging out Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) to be the first of the two to reach that psychological milestone.

The impact on traders could be one of frustration, Rachel Shasha, trader and blogger at Sassy Options, told Benzinga.

“I would say that those who have been waiting for a pullback to get a position into AMZN will be frustrated and may ‘throw in the towel,’ and finally decide to buy,” she said. “This in turn will get more buyers as more and more concede that waiting for a pullback has not worked.”

What Next?

“It is a tremendous frustration for those who are looking for movement in general,” agreed Dr. Brett Steenberger, author of "The Psychology of Trading."

It was the first time Amazon crossed the $1,000 mark. Just 14 other stocks trade above $1,000, including Priceline Group Inc (NASDAQ: PCLN), which was at $1,850.08 at the time of Amazon's crossing.

Amazon has split three times since its IPO in 1997. It’s 52-week low was $691.36.

At last check, shares of Amazon had receded slightly from the psychological milestone to $998.74.

Related Links:

Where Would Apple And Google Rank In Terms Of World's Richest Countries?

Amazon At $1,000 Is 'Just A Nice Trophy'

Latest Ratings for AMZN

DateFirmActionFromTo
Jan 2020MaintainsBuy
Jan 2020MaintainsBuy
Jan 2020MaintainsBuy

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