burlington northern

burlington northern.

Nov. 3 (Bloomberg) -- U.S. stocks fell, extending a global slide, as a wider-than-estimated loss at UBS AG and concern governments will lift interest rates further overshadowed Warren Buffett’s $34 billion purchase of Burlington Northern Santa Fe Corp. The dollar advanced, helping to send commodities lower.
Citigroup Inc. and Bank of America Corp. lost more than 2 percent as UBS, Switzerland’s largest bank, reported a fourth straight quarterly loss. Intel Corp. fell 2.4 percent as Morgan Stanley lowered its rating on U.S. semiconductor stocks to “cautious.” Burlington Northern surged 28 percent after Buffett made his “all-in wager” on the nation’s economic future. Black & Decker Corp. surged 24 percent after agreeing to be purchased by Stanley Works.
The Standard & Poor’s 500 Index slipped 0.7 percent to 1,035.37 as of 9:36 a.m. in New York. The Dow Jones Industrial Average decreased 64.84 points, or 0.7 percent, to 9,724.6. Stocks in Europe and Asia also slid as Australia raised its benchmark interest rate for the second straight month.
“The market is ignoring anything positive and it’s getting obsessed with anything negative or modestly negative,” said David Katz, chief investment officer at Matrix Asset Advisors in New York, which manages $1.2 billion. “The overall banking group, most have reported in line to better-than-expected numbers. UBS did not, and a month ago, the market would have overlooked it and said it was UBS-specific and Europe- specific.”