If there are abnormal returns on an eCommerce initiative, and these returns are different during bull and bear markets, then we know that the markets value these investments with consideration of overall market health. This is reasonable, as market health, a proxy for the general economy, will affect cash flow benefits received through such things as the broadening of the customer base. If this is the case and the valuation is subjective, then stock volume and gains to the investor and the corporation itself will vary in sympathy with market movement. This study researches these aspects of returns due to eCommerce announcements. We use event study methodology to assess the cumulative abnormal returns (CARs) and cumulative abnormal volumes (CAVs) from eCommerce initiatives announced by firms in the S&P 100 Index between January 1999 and December 2000, a period of fluctuating financial markets.