Retail stocks climb higher on the heels of Black Friday

Thanksgiving Day e-commerce sales totaled $2.87 billion, up 18.3% year-over-year (YoY).

Apparel retailer Gap, which has already been called out by multiple analysts over the weekend for the strength of its Old Navy and Banana Republic Black Friday deals, saw its stock climb almost 3 percent Monday morning.

And this is only the start, as online holiday spending is expected to reach $107 billion in sales - that's a 14 percent increase over 2016, reports CNBC. Amazon did not provide sales figures for the entire day.

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And that's good news for retailers this year.

Smartphone transactions hit a record high in the U.S. on Black Friday as shoppers thronged retail stores as well as went online to celebrate.

According to Adobe Analytics, which measures 100 of the largest retailers in the USA, retailers raked in US$7.9 billion on Black Friday and Thanksgiving, with Cyber Monday expected to bring in another US$6.6 billion.

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But Brian Field, senior director of advisory services for ShopperTrak, is optimistic. This made the long lines that normally accompany Black Friday even longer, but it couldn't dampen the spirits of the Southern California shoppers that had come out to stores across the area.

Businesses are expecting a big holiday shopping season, fueled by a 4.1% unemployment rate, which is the lowest in 17 years. Mobile sales have become a major sales driver for retailers during the recent shopping period and smartphone sales amounted to 46% of all retail website traffic on Thanksgiving.

Adobe Analytics said Cyber Monday is expected to drive $6.6 billion in internet sales, which would make it the largest USA online shopping day in history.

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