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

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:

Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.