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E-Commerce Stocks Gain Amid Data Showing Surge in Online Sales
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Shares of e-commerce companies rallied on Wednesday after new retail data showed that online shopping continued to dominate consumer purchases last month.
E-commerce purchases jumped 29% in November, compared with the same period a year ago, according to data from the U.S. Census Bureau. It was the seventh-consecutive month of growth that exceeded 20%, and represents the biggest monthly increase for e-commerce since at least 2010, Retail Metrics analyst Ken Perkins said. Shopify Inc. gained as much as 8.4% and EBay Inc. rallied 5.4%. Etsy Inc. and Amazon.com Inc. rose at least 2%.