December 15, 1998 6:05 PM PST

Amazon heads for Nasdaq 100

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No. 1 online bookseller will be included in the Nasdaq 100 Index. Its stock spiked following the news today, hitting a 52-week high.

The firm will be added to the Nasdaq 100 Index on December 21.

Seattle-based Amazon's stock was up 20.5 today after the bell, closing at 242.75 a share. The stock blew past its previous 52-week high of 233.125.

Amazon's market capitalization hit 12.8 billion dollars. The firm's stock has more than doubled in the past three months.

Last month the firm split its stock 3-for-1, sending it soaring by nearly 14 percent. Amazon has seen a fourfold rise in its shares on speculation that the bookseller will capture market share with music and video merchandise.

Bloomberg News contributed to this report


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