Amazon overtakes Microsoft as most valuable US firm amid market turmoil

Amazon has eclipsed Microsoft as the most valuable publicly traded company in the US as a see-sawing stock market continues to reshuffle corporate America’s pecking order.

The shift occurred on Monday after Amazon’s shares rose 3% to close at 1,629.51 dollars and lifted the e-commerce leader’s market value to 797 billion dollars (£624 billion).

Microsoft’s stock edged up by less than 1% to finish at 102.06 dollars, leaving the computer software maker’s value at 784 billion dollars (£614 billion).