Alibaba (BABA) Stock Gets a Boost on Chinese Singles' Day

NEW YORK (TheStreet) -- Shares of Alibaba Group Holding (BABA) are rising, up 2.15% to $117.02 on heavy trading volume in midday trading Monday, as the Chinese ecommerce giant recorded its first $1 billion in sales this Singles' Day in only 17 minutes, compared to about an hour last year, CNBC reports.

Singles' Day has turned into China's equivalent of Cyber Monday, as Alibaba saw its sales grow to more than $5.7 billion in 2013, from sales of $7 million in 2009 during the holiday.

About 42.09 million shares of Alibaba traded hands as of 12:42 p.m., compared to the normal trading volume of about 24.48 million shares a day.

Watch the video below for a look at how Alibaba became an e-commerce giant:

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BABA Chart BABA data by YCharts

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