Markets down on lackluster retail sales

It appears that the effects of the economic stimulus package are waning fast, as retail sales for July decreased by 0.1 percent. 

Gas sales were up 0.8 percent last month, but even higher gas prices could not bring July’s sales into positive territory.  Sales were driven down by a 2.4 percent decrease in vehicle sales.

U.S. auto sales reached a 16 year low in July, marking nine straight months of domestic sales declines.

The lackluster sales data helped the Dow shed over almost two percent this morning, but some of the morning’s losses have been reversed heading into the afternoon.