Cyber Monday Sales: Holiday Bright Spot

NEW YORK ( TheStreet) - Cyber Monday appears to be the bright spot of the post-Thanksgiving shopping frenzy.

Currently sales are up 16% compared with the online shopping holiday last year, according to Coremetrics, a Web analytics firm.

Cyber Monday, of course, is the newly traditional Monday after Thanksgiving in which shoppers take to the Internet to hunt for holiday bargains.

In total, Cyber Monday online sales this year are at an even pace with last week's Black Friday online sales.

Shares of e-retailers Amazon ( AMZN) and eBay ( EBAY) are jumping on the news, even as the rest of the sector tumbles. Shares of Amazon are up 2.9% to $135.57 in afternoon trading, while eBay is spiking 5.2% to $24.42.

The National Retail Federation expects 96.5 million Americans will shop on Cyber Monday, up from 85 million in 2008.

-- Reported by Jeanine Poggi in New York

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