Wall Street Market Report

  • 13 July 2014
  • From the section Business

(Close): Major US stocks closed slightly ahead but the market saw its biggest weekly drop since April.

Worries about Portuguese lender Banco Espirito Santo continued to raise fears around the European debt crisis.

Investors were also intrigued by the prospect of a possible tie-up between tobacco giants, Reynolds American and Lorillard.

The Dow Jones was up 0.17% at 16943.81. The S&P 500 was up 0.15% at 1,967.57 and the Nasdaq down 0.08% at 4415.49

America's second largest tobacco company, Reynolds, and the smaller Lorillard, confirmed they were in talks, but said there was no guarantee that a merger deal would be reached.

Reynolds' shares closed the day down by 0.82%, but Lorillard's ended trading ahead by 4.63%.