Dow, S&P 500 and Nasdaq All Close at Record Highs as Amazon Tops $3 Trillion

Wall Street opened the first week of August with a broad rally, sending the Dow Jones Industrial Average up more than 690 points, or 1.3%, to a record close above 53,000. The S&P 500 gained roughly 1.5% and the Nasdaq Composite jumped more than 2%, with all three indexes finishing at all-time highs on the same session.

The rally coincided with Amazon becoming the latest company to cross the $3 trillion market-value threshold, following stronger-than-expected quarterly earnings that sent its shares to a record high. The milestone puts Amazon in rare company among US corporations that have reached the mark.

The move came with a notable footnote: an SEC filing showed founder Jeff Bezos sold approximately 15 million Amazon shares worth about $4.1 billion, a sale that briefly weighed on the stock even as the broader market cheered the earnings beat. Large, pre-scheduled sales by founders are common after strong earnings runs and don't necessarily signal a change in outlook.

The record-setting session extended a rally that has been driven largely by heavy corporate spending on artificial intelligence infrastructure, with investors continuing to reward companies showing that AI investment is translating into revenue growth rather than just rising costs.