On Friday, Amazon (AMZN. US) closed up 13.54% to $3152.79, the largest one-day increase since 2015. The company’s market value increased by $191 billion, the largest single day increase in stock market value in the U.S. market. Yesterday, the market value of Facebook’s parent company meta (FB. US), which is also a technology giant, plunged more than $200 billion, the largest one-day decline in the stock market value in the US market.
Amazon’s gains on Friday exceeded the record set by Apple (AAPL. US) last week, when the iPhone maker added about $179 billion in market value the day after its earnings release. The record daily increase in global market value was set by Petrochina Company Limited(601857) , whose market value increased by $597 billion in one day in November 2007.
Amazon’s share price soared in part because the sales of its cloud computing business exceeded Wall Street’s expectations, and the company raised the price of prime member subscription service in the United States for the first time since 2018, which alleviated some concerns about the impact of increased costs on profitability.
Before the earnings release, Amazon had its worst day since March 2020 on Thursday, as meta’s earnings raised concerns about the performance of other large technology companies. The 7.8% decline on Thursday cost Amazon $110 billion in market value. Even if its share price rebounded today, its share price only returned to the trading level on January 18, down 16% from the record high in July 2021.
