U.S. Markets Open Lower As Auto Sales Fall In July

August 13, 2008 9:59 a.m. EST

New York, NY (AHN) - U.S. markets opened lower Wednesday as the government reported a 2.4 percent drop in auto sales helped depress July retail sales. The Dow opened 71 points down in early trading.

Prior to the morning bell, the Commerce Department reported July retail sales fell 0.1 percent as a drop in auto sales nearly balanced the 0.8 percent rise of sales at the gas pump. The figure beat estimates of a 0.3 percent drop in sales for the period.

At 9:46 Eastern, the Dow Jones Industrial Average was down 92 points at 11,550.

The broader Standard and Poor's 500 was 7 points at 1,281.

The tech-heavy Nasdaq was down 6 points at 2,424.

Crude oil prices were down $1.44 to $113.01.

Gold was up $9.90 to $824.50 an ounce.