By  on July 21, 2009

News of the apparent bailout of CIT Group Inc. helped lift retail stocks to their highest level of the year Monday and contributed to strong gains throughout the equity markets.

The S&P Retail Index rose 6.69 points, or 2 percent, to 342.23 as the markets closed, just beating out the previous high-water mark of 342.1 established on May 5 and its second best showing, a 342 close on June 2.

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