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.
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Shares of Sea Limited (NYSE: SE) charged sharply higher Tuesday, gaining as much as 17.2%. The catalyst that sent the e-commerce and digital entertainment specialist higher was its quarterly financial report, which illustrated robust growth that was much better than expected. For the first quarter, Sea Limited generated revenue of $92 billion, up an impressive 64% year over year.