Tech stocks bounced back on Cyber Monday after suffering losses on Black Friday. The Nasdaq Composite Index spiked more than 2 percent by Monday's close, compared to Friday's dip of 0.5 percent — its worst Black Friday since 2011.
On a day where shoppers scour the internet for holiday deals, Amazon spiked 5.3 percent. This Cyber Monday is expected to be a record-setter, hitting $7.8 billion for online transactions, according to Monday morning estimates by Adobe Insights. That would be an 18.3 percent increase compared to the same time last year.
All five FAANG companies — Facebook, Amazon, Apple, Netflix and Google parent company Alphabet — finished the day in the green. Also notably, Tesla surged 6.2 percent Monday and Twitter popped 5.5 percent.
Microsoft also rose by 3.3 percent, at one point coming within a few billion dollars of surpassing Apple in market cap to become the most valuable U.S. company.Â
Facebook's stock was hit last week as it responded to backlash about a New York Times report criticizing the way the company handled Russian use of its platform to influence the 2016 U.S. presidential election. On Monday, it swung back up 3.5 percent.
Investors have also shied away from Apple amid fears of slowing iPhone sales, but the stock also rebounded 1.4 percent by Monday's close.
