Amazon stock hits a new all-time high as it sees unprecedented demand

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Amazon CEO Jeff Bezos laughs at a discussion at the Air Force Association’s Air, Space and Cyber Conference in National Harbor, Md., Sept. 19, 2018.

Andrew Harrer | Bloomberg | Getty Images

Amazon’s stock hit a new all-time high Tuesday as the coronavirus pandemic has catapulted the company into an unprecedented spotlight. 

The stock was trading around $2,217 Tuesday morning, up about 2% from its previous close. Amazon last reached an all-time high in February, when it closed at $2,170.22 per share. Amazon’s market cap is now more than $1.1 trillion.

The Covid-19 crisis and stay-at-home orders put in place to combat the virus have put Amazon in a unique position to deliver goods to people around the world who can’t or won’t go shopping in physical stores. Amazon has said it would hire 175,000 more warehouse and delivery workers to keep up with the growing demand.

Once life returns to some sense of normalcy, Amazon could end up retaining customers whose loyalty it gained during the crisis. The circumstances have put many Americans in a position to rely on Amazon and other delivery services to meet their needs and many believe it will take time after the initial phase of the crisis for people to feel comfortable returning to large gathering places like grocery stores and shopping malls.

This story is developing. Check back for updates.

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