Amazon's market capitalization exceeds $3 trillion for the first time

The U.S. tech giant Amazon surpassed the symbolic threshold of $3 trillion in market capitalization for the first time on Monday, driven by enthusiasm over its quarterly results.

On the New York Stock Exchange, around 9:45 a.m. EST, Amazon shares were up 5.20% to $285.69. Since the release of its earnings on Thursday, the stock has soared more than 21%, representing an increase of about $500 billion in market value.

"One of the things that has become very clear during this earnings season is that investors are very quick to reward good news and punish bad news," Steve Sosnick, an analyst at Interactive Brokers, told AFP.

Recent geopolitical developments are driving the U.S. market higher in the midst of the quarterly corporate earnings season.

On Tuesday SpaceX, the crown jewel of billionaire Elon Musk, will be in the spotlight for its first earnings report since going public in June.