By  on June 29, 2009

Retail stocks advanced 0.9 percent for the week as hopes of a global economic rebound increased, but a fresh reading of consumer balance sheets for May showed consumers were squirreling away more for savings even after getting government stimulus income.

Despite a rise for the week, the S&P Retail Index dipped 0.1 percent, or 16 points, to 322.89 Friday. The Dow Jones Industrial Average fell 0.4 percent, or 34.01 points, to 8,438.39 Friday and was down 1.2 percent for the week.

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