Starbucks ( SBUX) shares shrugged off the general market's woes on Thursday to hit an all-time high.

The company's stock closed up $1.22, or 2.8%, to $44.70 after trading as high as $45.10 intraday.

The stock's rise followed the coffee chain's monthly sales announcement after the close on Wednesday. For its June period, Starbucks sales grew by 10% on a same-store basis, which compares results of like outlets open for 13 months or more. The result marked the eighth-straight month that Starbucks same-store sales hit 10% or greater.

Meanwhile, on Thursday, Reuters reported that German retailer KarstadtQuelle will likely sell its stake in a joint venture with Starbucks to the coffee chain at a cut-rate price.

Starbucks stock gains came despite the market's downward trend on Thursday. The Dow Jones Industrial Average fell 1%, while the Nasdaq Composite lost 1.5%.

In addition, new 52-week lows outpaced new highs by 380 to 112 in Nasdaq trading. Joining Starbucks on the new-high list were big-cap names such as Research In Motion ( RIMM), ImClone ( IMCL) and Qualcomm ( QCOM).

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