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SP 500 reverses move after Amazon posts best day since 2018

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After a stumble at the market open, the SP 500 climbed strongly throughout the day, closing 0.8 higher. That result takes the index into positive territory for 2020, after a 15 rally over the past three months. Tech shares led the day, with Amazon delivering its best day since late 2018 and Teslas market cap surging back past the 300bn mark. Amazon closed 7.9 higher, taking its market cap to 1.59trn, after analysts at both Goldman Sachs and Jefferies raised their price targets on the stock. Goldmans analysts said that Amazon is positioned to benefit from broader growth in ecommerce driven by the pandemic. Per Business Insider, spending on Amazons platform is up more than 60 yearoveryear since the end of April.