INFLATION WORRIES MARKETS: Higher energy prices had investors fretting Tuesday that the increase in fuel costs would translate into higher operating costs for companies, which would cut into corporate profits. As a result, the Nasdaq shed 23 points to close at 2,310.35, or 0.98 percent, while the S&P 500 lost 10.03 points, or 0.77 percent, closing at 1,286.57. The S&P Retail Index finished the day down 3.8 points, or 0.8 percent to 471.01. The Dow Jones Industrial Average lost 52 points in trading, closing the day at 11,089.63, down 0.46 percent.

RETAIL VENTURES RESTATES: Retail Ventures said on Tuesday that it will have to restate certain financial statements due to errors in connection with deferred tax account balances. The company said management and its audit committee earlier this month concluded that the accounting for deferred tax account balances was incorrect in certain financial statements. The company said it will restate financial statements for each of the three years ended Jan. 29, 2005, Jan. 31, 2004 and Feb. 1, 2003, and the interim unaudited condensed consolidated financial statements filed in the quarterly reports, or Form 10-Q, with the Securities and Exchange Commission, for the periods ended Oct. 29, 2005, July 30, 2005 and April 30, 2005.

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