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Cyber Monday: US retail stocks higher on busiest day for internet shopping

Record online sales were seen on Black Friday and Thanksgiving


wall, wall street, US
A street sign for Wall Street is seen outside the New York Stock Exchange in Manhattan, New York City

Shares of retailers such as Macy's Inc and Wal-Mart were up on Monday following a promising start to the holiday season and ahead of what is expected to be the largest U.S. online shopping day in history.

said is expected to drive $6.6 billion in internet sales, which would make it the largest day in history. The research firm had previously reported sales of $3.45 billion last year but restated that figure to $5.6 billion following a change in its methodology of calculating sales.

Data for sales are expected at around noon eastern time.

Record online sales were seen on and Thanksgiving, when shoppers bagged deep discounts and bought more on their mobile devices, brightening the overall outlook for those traditional retailers that have expanded beyond brick-and-mortar outlets.

Macy's shares were up as much as 2 per cent in premarket trading on Monday, while Wal-Mart rose 0.6 percent. J.C. Penney's shares were the highest gainers, rising 2.7 percent. Target, Kohl's, and Urban Outfitters' stocks were also slightly higher.

First Published: Mon, November 27 2017. 21:04 IST