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Retail Misses Wall Street Rally

Markets rose on lower jobless claims, optimism surrounding Greek bailout.

Retail stocks inched up on Wall Street, missing much of the broader rally that sent the Dow Jones Industrial Average up 1 percent on the heels of improvement in the job market.

The S&P Retail Index rose 0.2 percent, or 0.97 points, to 564.76 as the Dow advanced 123.13 points to 12,904.08.

The gainers included Zale Corp., up 8 percent to $3.37; Perry Ellis International Inc., 6 percent to $17.65; Destination Maternity Corp., 5.5 percent to $16.19; Sears Holdings Corp., 4.1 percent to $54.86, and Maidenform Brands Inc., 3.6 percent to $21.61.

Investors were heartened by word that initial jobless claims fell by 13,000 last week to 348,000. Economists expected the Labor Department report to show 365,000 first-time claims. Markets were supported later in the day by optimism surrounding Greece’s efforts to secure more bailout funds, which have been dragging on.

Among the key measures of European stocks, only the CAC 40 in Paris gained for the day, with the index up 0.1 percent to 3,393.25. The FTSE 100 in London declined 0.1 percent to 5,885.38, while the DAX in Frankfurt also fell 0.1 percent to 6,751.96 and the FTSE MIB in Milan dropped 0.9 percent to 16,369.66.

The markets’ losses had narrowed compared with earlier in the day. There is increasing optimism that Europe’s finance ministers will approve a Greek bailout Monday.

The European gainers included Hugo Boss, up 1.6 percent to 71.14 euros; Mulberry Group, up 1.4 percent to 19.51 pounds, and Hermes, which gained 3.4 percent to 287.30 euros. Those that fell included PPR, down 3.3 percent to 120.40 euros; Marcolin, which dropped 2.7 percent to 3.65 euros, and Asos, which closed down 1.5 percent to 18.53 pounds.

The euro for $1.31, while the pound traded at $1.57.