Why Facebook Stock Popped to Record Highs Today
Shares of Facebook (NASDAQ: FB) have popped to all-time highs today, up by 6% as of 12:45 p.m. EDT, after Wall Street analysts expressed optimism about yesterday's news that the social media juggernaut is rolling out Shops, its biggest e-commerce move yet. The announcement comes as COVID-19 has created a surge in e-commerce demand.
Facebook Shops will allow small businesses to create online storefronts on Facebook and Instagram, with experienced third-party e-commerce platforms helping the power back-end infrastructure. The social networking tech giant has flirted with e-commerce in various ways over the years, but Shops is Facebook's broadest push to date.
Image source: Facebook.
Source Fool.com
