Afternoon Markets: Dow dips as retail sales disappoint

The Dow Jones has fallen in early trading today as US retail sales suffered an unexpected drop in July.

The US blue-chip index has dipped 27.74 points (0.3%) to 9333.87. The 0.1% drop in retail sales is the first for three months, according to Commerce Department figures, highlighting the threat to spending due to the continued deterioration of the job market. American Express tumbled 1.35% to $31.36, while communications giant AT&T shed 1.13% to $25.36. However, Bank of America has gained 4.01% to $16.57, as hedge fund Paulson & Co bought 168m shares in the firm in Q2, becoming the lender's fourth largest shareholder. JPMorgan Chase added 0.57% to $42.45. In the UK, the FTSE 1...