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Amazon stock just surged past $700 to set a new all-time high

Alexei OreskovicMay 10, 2016, 21:18 IST

Amazon CEO Jeff Bezos speaks at a news conference in front of a graphic showing the rise in sales of Kindle books during the launch of Amazon's new tablets in New York, September 28, 2011.REUTERS/Shannon Stapleton

Amazon stock just hit a new all-time high on Tuesday, with shares reaching $701.38, up roughly 3%.

That's above the previous all-time high of $693.97, which Amazon hit in intraday trading on December 29.

Amazon reported strong first quarter financial results last month. And on Tuesday the e-commerce giant announced that it was launching a new video service to take on Google's YouTube.

Amazon's new high came amid a broader market rally, with the Dow Jones Industrial Average up 176 points in midday trading and the Nasdaq Composite up 33 points.

Here's Amazon's chart:

BI Screenshot/Yahoo Finance

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