Wall Street market report

  • 31 July 2014
  • From the section Business

(Close): US stocks closed lower following the news of Argentina's default.

The Dow Jones Industrial Average was down 317.06, or 1.88%, at 16563.30.

The tech-heavy Nasdaq index was 72.93 points, or 1.64% lower, at 4369.77. The broader S&P index was down by 39.40 points, or 2%, at 1930.67.

Credit card company Mastercard saw its shares fall by 2.32%, despite strong second quarter results which were boosted by increased consumer spending.

Exxon Mobil saw a 28% rise in second quarter net income thanks to higher oil prices and the sale of some of its assets in Hong Kong.

But oil and gas production slipped and its shares tumbled by 4.17%, making it the top faller of the day on the Dow.

T-Mobile saw its shares rise by 6.46%, after French telecoms provider Iliad said in a statement it proposed offering $15bn for a 56.6% stake in the company.

T-Mobile is controlled by Germany's Deutsche Telekom and is the fourth largest US wireless group.

Job market figures out on Friday will provide further fuel for the debate over when US interest rates are likely to rise.