A broad cross-section of stocks charged sharply higher on Wednesday, as Wall Street focused on Treasury yields and foreign government moves to settle unrest in the financial markets. Shares of e-commerce kingpin Shopify (NYSE: SHOP) rose as much as 5.5%, digital payments denizen PayPal (NASDAQ: PYPL) jumped as much as 6.9%, and Latin American e-commerce and fintech leader MercadoLibre (NASDAQ: MELI) surged as much as 8.3%. Positive developments in the unfolding saga involving the British pound and a spike in U.S. Treasury yields provided the catalyst.
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It's been a painful year for Shopify (NYSE: SHOP) and its shareholders. The e-commerce specialist's 10-for-1 stock split did little to improve its stock market performance; as things stand, Shopify is currently hovering near its 52-week low. Is the Street right about Shopify?