Facebook stock rose 5.5% on Wednesday after the company announced a new feature called Shops, a virtual mall designed to help businesses suffering during COVID-19.
Shares closed the trading day at $228.90 after establishing a new all-time high of $230.75 earlier in the session. The Shops initiative, announced Tuesday, will “make it easy for businesses to set up a single online store for customers to access on both Facebook and Instagram,” the company said in its official announcement.
After setting up a free Shops account, merchants can customize the look and feel of their virtual storefront. “This means any seller, no matter their size or budget, can bring their business online and connect with customers wherever and whenever it’s convenient for them,” the company said.