Amazon worth more and more

Amazon on Monday became the world’s fourth-most valuable company by market capitalization, usurping scandal-struck oil giant Exxon Mobil.

The internet giant’s stock price rose by just over 1 percent, bringing its value up to about366 billion USD. Hobbled by plummeting oil prices, shares of the world’s biggest oil company fell by more than 2 percent, dragging their total value down to about 356 billion USD.

The change marks two simultaneous shifts in the global economy, as internet companies gain more dominance and dirty energy stocks continue their long-term slide as the world inches closer to weaning itself off environmentally disastrous fossil fuels. (MTI)