In a show of retail strength, Amazon says it has broken its holiday sales record, as per reporting by Retail Dive. During 11-day holiday shopping period from Nov. 17 to Cyber Monday, the e-commerce giant reported sales that eclipsed previous years’ numbers during the same period, setting a new benchmark for its performance.
The shopping frenzy saw customers snapping up over a billion items from Amazon, with independent sellers contributing to half of these sales.
According to Benzinga, the announcement of these record sales initially pushed Amazon’s shares close to the $150 mark, indicating an almost 2% increase. However, the stock market’s reaction to such news can be nuanced and short-lived. Amazon’s shares subsequently experienced a slight dip of 1.40%, a reminder that sales success doesn’t always translate into a steady climb in stock prices.
At present, Amazon’s stock is trading around a crucial support level of $142, in line with the daily 20 simple moving average. This point is key for investors as it often marks a potential shift in the stock’s trajectory. To signal a strong comeback, the stock needs to break past the pivotal $150 resistance level.
Despite the recent ups and downs, a long-term view of Amazon’s stock reveals a robust 69% increase over the year, with a notable 9% rise in November alone. This consistent growth suggests a positive trend for the company’s future.
Ending the trading day on Dec. 1, Amazon’s stock stood at $147.03, marking an increase of 0.69%. This positive close, following a period of record-breaking sales, positions Amazon for ongoing upward momentum in the competitive world of e-commerce.
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