Retail stocks are rallying on Cyber Monday after Black Friday sales hit a record high

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An on the Best Buy website for a Cyber Monday sale in 2017.

• Black Friday sales hit a record high this year as much of the buying occurred online.
• As a result, retail stocks are rallying as the holiday shopping wave continues on Cyber Monday 2018.
• Watch Amazon, Best Buy, Nordstrom, Kohl's trade live.

Black Friday sales hit a record high this year, sending retail stocks up across the broad on Cyber Monday.

Shoppers were projected to have spent $59.6 billion over the Black Friday weekend, up 5.7% year-over-year, according to GlobalData Retail data. That would be good enough for the fastest Back Friday growth rate since the 2011.

And according to Adobe Analytics data, much of the sales boost is happening online. Total online spending on Wednesday reached $2.4 billion, a whopping 31.8% increase from 2017. Additionally, Thanksgiving Day online sales totaled $3.7 billion, up 28% versus a year ago. Black Friday was similarly impressive, with $6.2 billion in online sales.

And the projections for Cyber Monday are looking good as well. This year, Cyber Monday online/e-commerce sales could exceed $3 billion, up from last year's $2.4 billion, according to Mastercard SpendingPulse trends.

As a result, retail stocks are rallying as the holiday shopping wave continues on Cyber Monday. Here's the scoreboard as of 10:11 a.m. ET:

• Amazon (AMZN): +3.36%
• Best Buy (BBY): +3.18%
• JC Penny (JCP): +1.91%
• Nordstrom (JWN): +1.79%
• Kohl's (KSS): +0.66%

Now read:

• As shoppers go wild on Black Friday, some Americans already stocked up during Alibaba's massive $30.8 billion shopping bonanza
• Thanksgiving is killing Black Friday by replacing it
• Black Friday deals sold out at stores like Walmart and Target before Friday even began - and people are furious
• Macy's, Best Buy, Kohl's, and JCPenney are being slammed for being open on Thanksgiving - and some people are threatening not to shop with them this holiday season
• The best Amazon Black Friday 2018 deals in every category - what's a good buy among thousands of sales
• This Black Friday is set to be the best America has seen in years