Amazon shares breach $1k for the first time

In early trading on Wall Street, stock in the Seattle-based company edged into four figures for the first time, before falling below that level again as the morning progressed.

Amazon has placed an increased focus in recent months on attempting to diversify its revenue streams, and investors have been keen to snap up the stock.

Its share price has been boosted over 40% in the last year, as it invests in its Amazon Prime subscription service, with an increased array of perks now available to customers, including video and music streaming.

Its share price has been boosted over 40% in the last year

The company, which is led by CEO Jeff Bezos, is now one of the most valuable companies on the globe with a market capitalisation of just under $500bn.

One of the main drivers of Amazon's recent success has been its Web Services sector, which centres around cloud-computing and counts on many other large tech companies as clients.

As of 15:57 BST, Amazon was 0.15% higher at $997.67 on the Nasdaq index on New York.