Why MercadoLibre Was Rising 16% This Week

Shares of MercadoLibre (NASDAQ: MELI) soared 16.1% higher this holiday-shortened week compared to where they closed last Friday, according to data from S&P Global Market Intelligence. While the shares marched steadily higher by 3% Tuesday through Thursday, on Friday they rose nearly 6% after MercadoLibre announced it began offering life insurance in Brazil. The e-commerce company has been called the "Amazon of Latin America," but more recently has expanded into new verticals, primarily fintech services through its Mercado Pago app.