Indexes Tumble To New Lows; Trade Edges Up

NYSE stocks took a beating Tuesday following Wal-Mart's lowered outlook and even more credit-market troubles.

The New York composite swooned 1.9%, the S&P 500 1.8%, and the Dow 1.6%. All three indexes hit new lows for the current correction. Twenty-nine of the 30 Dow components finished lower. NYSE volume edged up from Monday's level.

Wal-Mart WMT was the biggest loser in the Dow. Shares gapped down 2.35, or 5%, to 43.82 on more than three times average volume. The retail giant reported Q2 earnings below views and cut its full-year and Q3 outlook.

Blackrock BLK tumbled 5.87 to 146.91 on nearly triple its average trade as many financial issues got pounded.

Lehman Bros. LEH, the nation's biggest underwriter of mortgage bonds, slumped 3.63, or 6%, to 53.67 on double its average volume.

Meanwhile, Lan Airlines LFL skidded 5.58, or 7%, to 74.05 on almost four times average volume as many transportation stocks weakened. The Chile-based airline has been struggling with its 50-day line since gapping below it July 26.

Seaspan SSW regained its 50-day line Monday, but gave it up again in Tuesday's trade. Shares fell 2.20, or 7%, to 31.20 on seven times average volume. The Chinese containership operator priced 4.5 million shares for a public offering at 33.05 each.

Life Time Fitness LTM fell 2.27 to 52.86, slicing its 50-day line. The health club firm sank further below a 56.05 buy point 15f a flat base.

On the upside, Excel Maritime EXM gapped up, gaining 2, or 6%, to 35.49 on more than double its average trade. Its Q2 earnings surged 343%, smashing views.