Monday was the first trading day following Amazon's (AMZN) March 9 announcement of a 20-for-1 stock split.

After trading well above $2000 per share prior to the stock split, Amazon shares were revalued at $120 per share.

After hitting an intraday high of $128.70 early in the session, shares closed 2% higher at $124.80 on Monday.

Despite the fact that the stock split provides no additional value to shareholders, shares rose over 8% in the five days leading up to the split.

Google's Alphabet (GOOGL) also announced a 20-for-1 stock split that would take effect in July, and Tesla (TSLA) said it will split its stock, though it hasn't specified the ratio or timing.

One potential advantage of the splits is that they may increase the likelihood of the shares being added towards the Dow Jones Industrial Average.

Adding high-priced shares to the Dow is always a challenge since the index is weighted by price, so a same percentage movement in a high-priced stock changes the index more than a lower-priced firm.

A four-digit stock would have the most sway in the index right away. Amazon's shares will be more cheap to regular investors as a result of the stock split.

"For investors, Amazon's stock split comes at a vital time. AMZN's stock has down 23% year to date and 20% in the last year.