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Amazon Props Up Retail Stocks

Sector gains ground despite declines on Wall Street.

Retail stocks gained ground today even as Wall Street slipped, with Amazon.com Inc. leading the way up with a 3.9 percent rise.

The S&P 500 Retailing Industry Group increased 0.3 percent, or 1.78 points, to 668.97, as the Dow Jones Industrial Average fell 0.4 percent, or 50.92 points, to 13,384.29.

Amazon was the top performing stock in the retail index, gaining $9.31 to $268.46. The stock hit an all-time high of $269.73 in intraday trading.

Other fashion and retail gainers included Tumi Holdings Inc., up 2.4 percent to $20.93; Sears Holdings Corp., 1.7 percent to $42.92; Ralph Lauren Corp., 1.3 percent to $161.52, and PVH Corp.,  1.2 percent to $117.04.

European markets lost ground for the day.

Paris’ CAC 40 declined 0.7 percent to 3,704.64, as Frankfurt’s DAX declined 0.6 percent to 7,732.66; London’s FTSE 100 dropped 0.4 percent to 6,064.58, and Milan’s FTSE MIB sank 0.4 percent to 16,895.66.