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U.S. markets recover from steep losses
RESTON, Va., Nov. 27 (UPI) -- U.S. shoppers flocked to their computers in droves on "Cyber Monday," dropping what one tracker estimated to be more than $700 million in online spending.
One site -- CyberMonday.com, a one-stop shop for e-shoppers looking for e-deals -- reported more than 1 million visitors by 1 p.m. EST Monday, the National Retail Federation said in a news release.
ComScore, Inc., based in Reston, Va., said it expected Cyber Monday spending to surpass $700 million once all transactions are tallied, which would make it the heaviest online spending day on record.
"Online retailers stepped up their promotions on Cyber Monday this year, and millions of consumers responded," said Scott Silverman, executive director of Shop.org. "If there was any doubt before, this year it is certain: Cyber Monday is a permanent fixture on the retail calendar."
Cyber Monday, a term coined by Shop.org in 2005, began after online retailers noticed people trending toward shopping online on the Monday after Thanksgiving.
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