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Business
Sam Quirke

Why Amazon’s Prime Day May Be the Catalyst for a Year-End Rally

Amazon MarketBeat

Tech giant Amazon.com Inc (NASDAQ: AMZN) is once again getting investors excited about an imminent breakout. Shares closed Wednesday near $225, up more than 4% from Tuesday’s lows, as investors digested the aftermath of this week’s two-day Prime Day event. Full results haven’t yet been released, but Wall Street will be looking for signs of another record shopping surge, which is precisely what the stock needs.

Given Amazon is still consolidating below its long-standing $240 resistance level, the timing couldn’t be more critical. Its banner Prime Day event often acts as the unofficial kickoff to the holiday shopping season, and historically, has preceded some of Amazon’s strongest quarters on record.

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