Amazon passes Microsoft to become the 3rd-largest U.S. company

Amazon.com Inc. knocked Microsoft Corp. off the podium on Wednesday, to take over as the third-largest U.S. company by market capitalization for the first time.

Amazon’s stock AMZN, -0.89% surged 2.6% to a record close of $1,451.05, lifting its market value by $17.69 billion to $702.46 billion. Meanwhile, Microsoft shares MSFT, -0.71% climbed 1.6% to increase its market cap by $10.78 billion, but only to $699.22 billion.

Amazon had briefly pushed past Microsoft in intraday trading on Feb. 7, but relinquished its lead by the close of trading.

Microsoft had a $29.17 billion lead on Amazon–$731.56 billion to $702.39 billion–on Jan.

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