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Amazon hits $1 trillion market capitalization

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Amazon hits $1 trillion market capitalization

E-commerce giant Amazon.com Inc. on Sept. 4 became the second publicly traded U.S. company to reach a market capitalization of $1 trillion.

The company's shares climbed 1.9% in midday trading, hitting the $2,050.27 needed to reach the $1 trillion mark, based on Amazon's 487,741,189 shares outstanding as of July 18.

Earlier in August, Apple Inc. became the first U.S.-based company to hit $1 trillion in market capitalization.

Recently, Morgan Stanley increased its price target on Amazon's stock to $2,500 from $1,850.