Wall Street market report

  • 7 August 2014
  • From the section Business

(Close): Shares on Wall Street gave up early gains to finish lower.

The Dow Jones fell 0.5% to close at 16,368. The broader S&P 500 was down 0.6% at 1,909 and the Nasdaq closed 0.5% lower at 4,334.

Shares in 21st Century Fox jumped 4.5% after it reported better than expected results late on Wednesday.

Facebook closed 1% higher. It announced the purchase of internet security firm PrivateCore to help make its networks more secure.

Overall analysts said that the market was pressured by rising tension betweens Russia and the West.

On Thursday Russia announced a ban on food imports from the European Union and US.

"You're getting some good earnings, but it's just not enough to overwhelm the geo-political issues," said Drew Wilson, an equity analyst with Fenimore Asset Management.

Those political concerns helped boost the price of gold by $4.30 to $1,312 an ounce. The benchmark US crude oil contract rose 42 cents to close at $97.34 a barrel.

Bond prices also rose, causing the yield on the 10-year US Treasury note to fall to 2.41% - the lowest level in more than a year.