The price of the stock on the S&P 500 surged on Wednesday, jumping nearly 40% from a year ago, as a surge in demand from customers for Amazon.com’s stock helped fuel the surging stock market.
The S&p 500 index is up nearly 5% so far this year, while the broader market has seen the Dow Jones Industrial Average decline more than 14%.
The index has surged more than 200% in the past year.
The rally is part of a broader trend in the stock markets as investors seek to diversify their portfolios to include smaller companies, which are generally cheaper to buy and sell, and more affordable.
The S&s index is the most volatile of the broad market indexes, with volatility ranging from the single-digits to more than 7%.
The rally was fueled by Amazon’s stock, which rose to an all-time high Thursday morning.
Its price jumped nearly 6% in after hours trading Thursday, reaching a record high of $932.60 a share, or $2,300 more than it was when the stock went public in April.
Amazon has been on a tear this year with record growth in both its online and brick-and-mortar business.
The company is currently in the process of announcing new products for its Prime business, which allows people to pay a monthly fee for Amazon Prime, which is part subscription service.
The company has also been adding new products in recent weeks to fill in its catalog, and this week announced plans to add more than 100 million items to its marketplace.
The stock rose more than 5% on Wednesday after the S &p 500 jumped more than 1% Wednesday.
That was the biggest rally since August 2010, when the Dow was up nearly 14%.
Amazon stock has been gaining momentum in recent months as more and more companies, including tech giants, are moving to offer more options to their customers.
In October, Amazon introduced a new price point called Prime, allowing customers to get Prime membership for $99 a year.