Amazon's market value on verge of beating out Microsoft

Amazon.com Inc on Wednesday was on the verge of ending the day with a stock market value higher than Microsoft Corp`s for the first time, as the online shopping behemoth weathered the recent turmoil on Wall Street.

Amazon`s stock was down 1.14 percent, bringing its market capitalization to $690.4 billion, while software maker Microsoft`s 1.83 percent fall depressed its market capitalization to $690.3 billion.

Bolstered by blockbuster quarterly results, Amazon`s stock gained 3.8 percent over the three sessions ended Tuesday, even as Wall Street struggled through a rout that has raised fears that a nine-year bull market may be ending. 

Microsoft lost about 3.1 percent over the three sessions ended Tuesday.

Amazon`s market cap at points on Wednesday during intraday trade already topped that of Microsoft, but it has never closed at a higher value.

Amazon`s explosive growth in retail and cloud computing has sent its shares 77 percent higher over the past year, outpacing Microsoft`s 42 percent rise. [nL4N1PS4R6]

Apple Inc`s $819 billion market capitalization remains Wall Street`s largest, followed by Alphabet Inc , the parent of Google, at $736 billion.