New York markets lower at mid-session

The New York equities markets were lower at mid-session on Thursday, with the Dow Jones Industrial Average down 0.3 percent to 112,001.01, the Nasdaq Composite 0.1percent lower to 2,331.84, and the S&P 500 falling 0.2 percent to 1,365.19. Earlier in the day, the Dow fell below the 12,000 level for a time.

Much of the declines was due to a mixed retail sector, as several discount retailers failed to live up to analyst expectations. While Costco held steady at $52.91, Kohl’s dropped 0.6 percent to $70.65. Wal-Mart fell 1.2 percent to $48.27 on sales that grew by only 0.5 percent in October and a forecast of flat sales in November. Dillard’s and Target each dropped 1.5 percent, to $29.34 and $56.82 respectively.

On the other hand, high-end retailers showed good sales in October saw gains in share prices. JC Penney was 1.3 percent higher to $76.11, while Nordstrom gained 1.6 percent to $47.05.

Intel dropped 1.6 percent to $20.82 on a downgrade from “buy” to “neutral” from Merrill Lynch. In issuing it’s remarks, the broker cited excess capacity and weakening demand. But in other computer-related stocks, Dell Computer added 3.3 percent to $24.82 on an upgrade from “sell” to “neutral” from Goldman Sachs.