New York equities markets lower on retail losses

Losses in the retail sector took the New York equities markets lower on Tuesday despite data that showed the trade deficit lower and gains in the producer price index smaller than anticipated.

The Dow Jones Industrial Average lost 0.8 percent to 10,597.44, the Nasdaq composite was down by 0.5 percent to 2,171.75, and the S&P 500 dropped 0.8 percent to 1,231.21.

The retail sector was led down by electronics retailers after Best Buy posted a disappointing guidance for the third-quarter. Best Buy fell 11 percent to $44.79, while Circuit city declined by 2.7 percent to $16.46 and RadioShack lost 2 percent to $25.68. Wal-Mart was down 1.8 percent to $45.07 and Target dropped 2.2 percent to $54.19.

Meanwhile, building supplies retailer Home Depot was one of the biggest losers on the Dow, falling 1.8 percent to $40.60.

In the airline sector, Northwest and Delta were also down on the day. Northwest Airlines dropped 52.6 percent to $1.57, while Delta Air Lines fell 8.2 percent to 78 cents, as both airlines are expected to file for bankruptcy soon.

In the automobile manufacturing sector, Ford Motor Co. fell 1 percent after early gains to $9.82 after its announcement that it will sell its Hertz car rental business for $5.6 billion.

Not all stocks lost on the day. Computer chip maker Texas Instruments led the S&P by gaining 2.5 percent.

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