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Black Friday sales hit a record high this year, with much of the shopping taking place online.

Retail stocks were rallying Monday as the holiday shopping continued on Cyber Monday 2018.

Watch Amazon, Best Buy, Nordstrom, and Kohl's trade live.

Retail stocks rose across the board on Cyber Monday after this year's Black Friday sales hit a record high.

Shoppers were projected to have spent $59.6 billion over the Black Friday weekend, up 5.7% year-over-year, according to GlobalData Retail data. That would be good enough for the fastest Back Friday growth rate since the 2011.

And according to Adobe Analytics data, much of the sales boost happened online. Total online spending on Wednesday reached $2.4 billion, a whopping 31.8% increase from the day before Thanksgiving last year. Additionally, Thanksgiving Day online sales totaled $3.7 billion, up 28% versus a year ago. Black Friday was similarly impressive, with $6.2 billion in online sales.

The projections for Cyber Monday are looking good as well. This year's Cyber Monday online sales could exceed $3 billion, up from last year's $2.4 billion, according to Mastercard SpendingPulse trends.

Retail stocks were rallying amid the continuing wave of holiday shopping. Here's the scoreboard as of 10:11 a.m. ET:

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