Business News
US stocks mixed as Buffett enters market
Nov 3, 2009, 20:54 GMT
New York - US stocks were mixed Tuesday on takeover news led by billionaire investor Warren Buffett, while financial and technology shares dragged the market lower.
Buffett's company Berkshire Hathaway said it would acquire US rail freight company Burlington Northern Santa Fe Corp, in what Buffett said was an 'all-in wager' on the US economy recovering from its slump.
But a downgrade of semi-conductors by Morgan Stanley pulled technology firms lower. Financial firms were dragged down as the Federal Reserve's board gathered for a meeting on interest rates.
The US central bank will release a statement Wednesday on interest rates, which are almost-certain to remain at unprecedented lows, and other monetary policy actions.
The blue-chip Dow Jones Industrial Average edged lower by 17.53 points, or 0.18 per cent, to 9,771.91. The broader Standard and Poor's 500 Index rose 2.53 points, or 0.24 per cent, to 1,045.41. The technology-heavy Nasdaq Composite Index climbed 8.12 points, or 0.4 per cent, to 2,057.32.
The US currency rose against the euro to 67.94 euro cents from 67.72 euro cents on Monday. The dollar rose against the Japanese currency to 90.34 yen from 90.23 yen.
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