Shares of Amazon.com Inc. (Nasdaq: AMZN) are back above $1,000. As of early Wednesday, the online retailer was trading at $1,003.45, about $14 shy of its all-time intraday high reached in mid-June.
The gains come after Amazon's much-hyped Prime Day on July 11. The annual event offers significant discounts to Prime members in an effort to boost membership. Prime Day sales were up 60% compared to last year's event and even surpassed those for Black Friday and Cyber Monday. Amazon's Echo Dot interactive speaker led the way with a seven-fold sales increase over last year's Prime Day.
But with the media in full hype mode and the stock approaching an all-time high, is it time to shell out the big bucks for Amazon stock? Money Morning Technical Trading Specialist D.R. Barton, Jr., joins Stuart Varney on FOX Business Network to tell us if Amazon is a good buy for investors.
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