After selling off sharply earlier in the week -- as investors rotated into more economically-sensitive stocks following positive news on the coronavirus vaccine front -- e-commerce stocks rebounded on Wednesday.
By the close of trading, shares of PayPal (NASDAQ: PYPL) , MercadoLibre (NASDAQ: MELI) , and Wix.com (NASDAQ: WIX) were up 4.9%, 6.4%, and 10.5%, respectively.
On Monday, Pfizer and BioNTech announced that their experimental coronavirus vaccine, BNT162b2, could be more than 90% effective at preventing COVID-19. That led many investors to take profits in shares of e-commerce companies, many of which performed well during the coronavirus pandemic, and buy cyclical stocks that could potentially benefit from a vaccine.
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Why PayPal, MercadoLibre, Wix.com, and Other E-Commerce Stocks Jumped Today