Dow, Nasdaq slip as home sales drop hits retailers

NEW YORK, Aug 24 (Reuters) The Nasdaq Composite and Dow Jones industrial average stock gauges edged lower on Thursday, pressured by a report that showed a drop in July new home sales and sparked a sell off in retail shares due to concerns that consumer spending will slow and hurt corporate profits.

Shares of Home Depot Inc., the biggest U.S. home improvement chain and a Dow component, fell 1.2 percent on the New York Stock Exchange, while shares of rival Lowe's Cos. Inc.

fell more than 2 percent. The S&P retailing index . fell 1.5 percent.

The Dow Jones industrial average was down 1.84 points, or 0.02 percent, at 11,296.06. The Standard&Poor's 500 Index was up 0.99 point, or 0.08 percent, at 1,293.98. The Nasdaq Composite Index was down 4.00 points, or 0.19 percent, at 2,130.66.

REUTERS DKS PC2030