Why MercadoLibre Stock Climbed Today

Shares of MercadoLibre (NASDAQ: MELI) were moving higher, in line with a broad upswing in tech stocks today. A strong retail sales report and comments from Federal Reserve Chairman Jerome Powell seemed to push the stock higher, as did a better-than-expected earnings report from rival Sea Limited (NYSE: SE), which closed up 14%.

MercadoLibre stock closed Tuesday up 6% even though there was no company-specific news out on the Latin American e-commerce specialist.

Image source: MercadoLibre.

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Source Fool.com