NEW YORK, Nov. 3, 2009 (Xinhua News Agency) -- Wall Street fell in early trading Tuesday, as a bigger-than-forecast loss at UBS AG (NYSE:UBS) triggered concern about a sluggish economic recovery.
Citigroup Inc. and Bank of America Corp. (NYSE:BAC) lost ground after UBS, Switzerland's largest bank, reported a fourth straight quarterly loss of about 542 million U.S. dollars, due to hefty accounting charges.
Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK A) on Tuesday agreed to buy Burlington Northern Santa Fe Corp. (NYSE:BNI) in a deal valuing the railroad at 34 billion dollars. Burlington Northern surged 28 percent on the acquisition.
On Tuesday, investors will get data on factory orders, as well as sales reports from major automakers. Also Tuesday, the Federal Reserve begins a two-day policy meeting on interest rates. Investors will be watching for what the Fed has to say about the economy when it issues a statement Wednesday at the conclusion of the meeting. The Fed's benchmark interest rate currently stands at a record low of near zero.
The Dow Jones lost 78.15 to 9,711.29. Broader indexes also went lower. The Standard & Poor's 500 index fell 7.72 to 1,035.16 and the Nasdaq dipped 16.46 to 2,032.74.
